Morning Report: Wall St stumbles as oil prices continue to grind higher

By Tom Piotrowski | More Articles by Tom Piotrowski

US sharemarkets fell on Monday as investors worried that surging energy prices would fuel inflationary pressures and potentially derail the US economy. Traders also assessed news reports that China is expanding its crackdown to include banks. The Dow Jones index fell by 250 points or 0.7%. The S&P 500 index also shed 0.7% and the Nasdaq index dropped 93 points or 0.6%.