Stocks begin bear market

(01:58) Report

Jul 2 - A steep slide pushed the Dow and Nasdaq to close in bear market territory as a spike in oil to a record near $144 a barrel fueled inflation and economic jitters.

  • The Dow tumbled 166 points to 11,215.
  • The S&P 500 fell 23 points to 1,261.
  • The Nasdaq shed 2.3 percent, or 53 points, to 2,251.
  • Crude oil jumped $2.60 to a record of $143.57 a barrel.

    Conway Gittens reports from New York.

    Featured Speaker: Milton Ezrati, market strategist and chief economist, Lord Abbett

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