wal mart oil dollar

US stocks sink on oil, Wal-Mart and falling dollar
06:59, Wednesday, 31 May 2006

(Updates to close)

By Ellis Mnyandu

NEW YORK, May 30 (Reuters) - U.S stocks tumbled on Tuesday
as higher crude oil prices and a disappointing sales report
from Wal-Mart Stores Inc. stirred investor worries
about a potential slowdown in consumer spending that could
hurt corporate profits.

Wal-Mart, the world's largest retailer, blamed higher
gasoline prices and rising utility costs for holding back
spending by its customers in May. Its stock fell 2.7 percent
and weighed heavily on both the Dow average and the Standard &
Poor's 500 Index.

Investors also feared that the dollar's slide could fan
inflation as its weakness against other major currencies
pushes up the cost of imported goods.

The dollar staged its biggest one-day fall in six months
against a basket of major currencies after the Conference
Board said its U.S. consumer confidence index for May hit a
three-month low.