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Stocks open lower as AIG reveals need for cash, oil surges



By TIM PARADIS
09 May 2008 @ 09:34 am EST

NEW YORK (AP) - Wall Street is down sharply in early trading as investors digest wider-than-expected losses at a big insurer and as oil climbs further into record territory.

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AIG 39.34 -0.23

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The losses at American International Group Inc. are a stark reminder of ongoing problems in the financial sector due to the credit crisis. And crude oil has moved above $126 per barrel for the first time.

The Dow Jones industrials is down about 136 points at the 12,730 level.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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