Stocks down sharply...oil at an all-time high...Hard times for GM NEW YORK (AP) Record high oil prices and disappointing economic news sent stocks into a tailspin today. The Dow industrials plunged more than 166 points, the Nasdaq composite index was down 53 points and the S&P 500 dropped 23 points.

NEW YORK (AP) Oil futures shot to record highs today as the government reported a bigger-than-expected drop in supplies. Light, sweet crude for August delivery rose $2.60 on the New York Mercantile Exchange to an all-time of $143.57 a barrel. The contract had been as high as $144.13.

NEW YORK (AP) General Motors shares have closed below $10 for the first time since Dwight Eisenhower was president. The automaker's stock plunged more than 15 percent today closing at $9.98, the lowest since September 13, 1954.

SEATTLE (AP) Microsoft is going to sell its Office programs to consumers on a subscription basis starting later this month. The software bundle includes the Live OneCare computer security software and will be sold at nearly 700 Circuit City stores for $70 a year.

NEW YORK (AP) The dollar was mixed against major currencies in New York trading today on expectations that the European Central Bank will raise its benchmark interest rate for the first time since last summer. The price of gold rose, closing at $944.80 an ounce.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 07-02-08 1627CDT | save this article / add to your favorites list