U.S. Stocks Fall as Oil Prices Surge to Record; Darden Declines

U.S. stocks fell as oil prices breached $61 a barrel for the first time, stoking concern that higher energy costs may curb corporate profits and consumer spending.

Restaurant chains such as Darden Restaurants Inc. and IHOP Corp. slumped after a Raymond James analyst said rising gasoline prices may cut into their customers’ dining budgets.

“The biggest damper on the markets right now is oil,” said Giri Cherukuri, head trader at OakBrook Investments LLC, which oversees $1.3 billion in Lisle, Illinois. “That needs to slow down and come down.”
Bloomberg