Wall Street sank for a second straight session after big banks such as Wells Fargo & Co (WFC.N) produced disappointing results, but while oil prices soared. Oil rose to above $88 a barrel amid tensions between Turkey and Kurdish separatists in northern Iraq, which had investors worried that high energy prices could cut into consumer and business spending. The U.S. Secretary of the Treasury Henry Paulson and Chairman of the Board of Governors of the Federal Reserve Ben Bernanke warned that the housing slump will likely hurt the U.S. economy for some time. The Dow Jones industrial average was down 69.99 points, or 0.50 percent, at $13,914.81. The Standard & Poor's 500 Index was down 8.35 points, or 0.54 percent, at $1,540.36. The Nasdaq Composite Index was down 8.66 points, or 0.31 percent, at $2,771.39. The Russell 2000 was down 6.01 points, or 0.72 percent at $823.35. The New York Stock Exchange Composite fell 90.89 points or 0.89 percent to $10,125.40. The American Stock and Options Exchange Composite fell 7.20 points or 0.30 percent to $2,433.28. The price of a barrel of light sweet crude oil Light Crude was up 1.48 points or 1.72 percent at $87.61.
