All the major U.S. stock markets declined on the day's big news of an ever-growing trade deficit, as well as signs that oil prices were on the rise again, and that rising interest rates might not be too far off in the future. The Commerce Department released a trade report Friday that showed the January trade gap that was 4.5 percent higher than December's $55.7 billion deficit. Overall, the U.S. trade gap expanded 24.3 percent in 2004 to a record $617.1 billion. The value of U.S. light, sweet crude oil for April delivery on the New York Mercantile Exchange went up by 86 cents, or 1.58 percent, to $54.77 a barrel. The blue-chip Dow Jones Industrial Average dropped 75.97 points, or 0.70 percent, to close at 10,775.54. The broader Standard & Poor's 500 Index was down 9.17 points, or 0.76 percent, closing at 1,200.08, and the technology-driven Nasdaq composite fell 18.12 points, or 0.88 percent, to 2,041.60. The New York Stock Exchange composite lost 24.55, or 0.33 percent, closing at 7,330.43, and the Russell 2000 index retreated just 0.10 of a point, or 0.02 percent, to close at 626.84. The American Stock Exchange also decreased by 0.07 of a point to close at 1,483.39.
