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Wall Street ended the day moderately lower — but recovered a big chunk of a steep early loss as the price of oil tumbled.
Light, sweet crude closed down $3.69 (U.S.) at $121.41 a barrel on the New York Mercantile Exchange. Oil fell after Tropical Storm Edouard seemed unlikely to threaten oil and natural gas facilities in the Gulf of Mexico.
That decline eased some of investors' worries about inflation. Wall Street initially sold off after the Commerce Department said an inflation gauge tied to consumer spending rose sharply in June, reflecting higher gasoline prices.
The Dow Jones industrial average fell 42.17 points, or 0.37 per cent, to 11,284.15. The Standard & Poor's 500 Index slid 11.30 points, or 0.9 per cent, at 1,249.01. The Nasdaq Composite Index shed 25.40 points, or 1.10 per cent, at 2,285.56. The Associated Press
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