January 2, 2008 Crude oil prices flirt with $100 for first time Play video

NEW YORK (AP) - A bad start for Wall Street's new year, as investors reacted to a sharp rise in oil prices and word of contraction in the manufacturing sector. The Dow fell nearly 221 points to just under 13,044. The S&P lost 21 points to 1,447. And the Nasdaq composite lost 42 and a-half points to 2,609. Oil futures briefly touched $100 per barrel for the first time, before settling at $99.62, a new record. Earlier in the day, the Institute for Supply Management said that its manufacturing index slipped to 47.7, marking the first contraction in 11 months. The index fell to the lowest level in nearly five years. On the broader market, declining issues outnumbered advancers by a roughly 3-to-2 margin. Trading on the NYSE topped 3.3 billion shares. Nasdaq stock market volume was more than 2 billion shares. NECN's John Moroney has details.