NEW YORK Wall Street is falling sharply in early trading after oil prices spiked to a new record high and the government said wholesale inflation rose more than forecast after food and energy prices are removed.
News that OPEC won't increase its output before its September meeting pushed oil above $129 a barrel on the New York Mercantile Exchange.
Meanwhile, the Labor Department said wholesale inflation edged up by 0.2 percent in April following a 1.1 percent jump in March. Outside of food and energy, prices rose by a faster 0.4 percent double what analysts had expected.
The Dow Jones industrial average is down more than 100 points at the 12,922 level.