In this Nov. 9, 2011 photo, specialist Thomas Facchine, left, and trader Edward Baumann work on the floor of the New York Stock Exchange. Continuing unease over Europe's debt crisis pushed investors out of global stock markets Wednesday, Nov. 16, 2011, even though pressure on the interest rates European countries pay to borrow money eased after skyrocketing a day earlier. (AP Photo/Richard Drew)
In this Nov. 9, 2011 photo, specialist Thomas Facchine, left, and trader Edward Baumann work on the floor of the New York Stock Exchange. Continuing unease over Europe's debt crisis pushed investors out of global stock markets Wednesday, Nov. 16, 2011, even though pressure on the interest rates European countries pay to borrow money eased after skyrocketing a day earlier. (AP Photo/Richard Drew)
NEW YORK (AP) ? Stocks slid in early trading Wednesday as the price of oil topped $100 a barrel for the first time since July. The jump in oil prices could dampen the already fragile economy by cutting into spending.
Oil futures rose 2.2 percent to $101.56 a barrel. The Dow Jones industrial average fell nearly 125 points shortly after the opening bell. All 10 industry groups in the S&P 500 index lost ground.
Concerns lingered about Europe's debt crisis as well. Greece's new prime minister, Lucas Papademos, faces a confidence vote later Wednesday. His government must pass unpopular austerity measures to receive the next round of emergency loans.
The vote comes one day after reports that the European Union economy grew by just 0.2 percent between July and September, a sign that Europe may be headed for a recession. Together, the countries in the European Union are the world's largest economy and a key source of revenue for companies in the Standard and Poor's 500 index.
The Dow was down 121 points, or 1 percent, to 11,969 at 9:45 a.m. Eastern. The S&P 500 fell 10, or 0. Percent, to 1,247. The Nasdaq composite lost 19, or 0.7 percent, to 2,667.
In corporate news, Target Corp. gained 2.2 percent after sales growth and an improvement in its credit card business helped the retailer beat Wall Street's profit estimates. Abercrombie & Fitch Co. plunged 12.5 percent after the company reported earnings that were well short of Wall Street's expectations. The company said rising costs for cotton and other commodities cut into profits.
Dell Inc. dropped 2 percent after the company said late Tuesday that its revenues will be held back by an industry-wide shortage of hard drives.
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