U.S. stocks tumble on record oil prices

U.S. stocks traded lower Friday as oil prices hit record 78.40 dollars amid concerns over situations in the Middle East.

In the midday exchanges, the Dow Jones Industrial Average declined 108.22 to 10,738.77. The Standard & Poor's 500 index dropped 10.01 to 1,232.28 and the Nasdaq composite index down 18. 10 to 2,036.02.

World oil prices hit record intraday 78.40 dollars Friday amid concerns over the situations in the Middle East. Israel imposed an air and sea blockade on Lebanon on Thursday following the cross- border raid by Hezbollah guerrillas who captured two Israeli soldiers.

Retail sales in the United States declined by an unexpected 0.1 percent in June resulting mainly from the soaring gasoline prices, the Commerce Department reported on Friday. The decline surprised many economists who had predicted an increase of 0.4 percent for retail sales in June.

Consumer spending is closely watched because it accounts for two-thirds of total U.S. economic activity and retail sales account for about a half of the consumer spending in the country.

Source: Xinhua