Rough Day for Stocks on Wall Street

Stocks fell sharply on Monday as the Dow lost 84.31 points and the NASDAQ fell 15.04 points. This sharp decline came in response to the continued increase of oil prices and worries about inflation. Crude oil rose to $67.39 a barrel amid speculation that OPEC would not raise production quotas and fears that Tropical Storm Rita would further disrupt oil production and refinement in the Gulf Coast. It also appears likely that the Fed will raise interest rates in response to rising inflation, further discouraging investors and contributing to the sharp decline. Prices for gold and treasury bonds rose on Monday, due to the fact that these are perceived as safe investments.