U.S. stocks were lower Wednesday as oil climbed to $44 a barrel, which outweighed strong earnings reports and a major telecommunications merger. The U.S. Energy Information Administration said U.S. crude oil inventories fell 100,000 barrels last week, causing oil futures prices to jump about $2 a barrel. High oil prices are considered bad for stocks because they can curb consumer spending and hurt corporate profits. The spike in oil overshadowed Sprint Corp.'s acquisition of Nextel Communications Inc. and positive earnings from investment bank Lehman Brothers Holdings Inc. and Best Buy Co. Inc., the U.S. electronics retail chain. The Dow Jones industrial average was down 14.77 points, or 0.14 percent, at 10,661.82. The Standard & Poor's 500 Index was down 1.27 points, or 0.11 percent, at 1,202.11. The technology-laced Nasdaq Composite Index was down 2.57 points, or 0.12 percent, at 2,157.27. "This morning we had a strong going but the oil numbers gave investors a reason to sell," said Bennett Gaeger, vice president of OTC trading at Legg Mason Wood Walker. "But oil will not continue to hold the market down." --More 2123 Local Time 1823 GMT
