Slump in Oil Prices Blamed on

Traders also said program, or computer-driven, trading linked to the futures market pulled down the indexes.

“This is what happens when there is no real point of view; no one is wildly bullish and no one is wildly bearish and along comes a sell program and all hell breaks lose,” said Larry Wachtel, senior vice president at Wachovia Securities LLC. “Lower oil prices are good for consumer spending, but it hurts oil stocks.”