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Oil prices push stock futures lower          Send a link to a friend

[October 19, 2007]  NEW YORK (AP) --  Wall Street tipped toward a lower open Friday as crude oil crossed $90 a barrel for the first time and heightened concerns that more expensive fuel will hurt both businesses and consumers.

Investors are being drawn to energy futures in part as a hedge against the weakening dollar. The greenback fell to a new low against the euro Thursday and also sagged against the yen.

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On Friday, oil also moved higher on continued worries over tensions between Turkey and Kurdish rebels in northern Iraq. A barrel of light, sweet crude passed $90 per barrel in European trading before retreating, and was last up 31 cents at $89.78 on the New York Mercantile Exchange.

Investors also looked toward another batch of earnings reports, including results from Caterpillar Inc., 3M Co. and Xerox Corp. Technology stocks might get a boost after Google Inc. reported late Wednesday that third-quarter results toppled Wall Street expectations, and prompted a number of analyst upgrades.

Dow Jones industrial average futures fell 24.00, or 0.18 percent, to 13,916. Standard & Poor's 500 index futures fell 6.10, or 0.38 percent, to 1,540.70. Nasdaq 100 index futures fell 1.75, or 0.08 percent, to 2,204.25.

Google -- whose shares closed at $639.62 on Thursday -- is poised to move higher during the regular session. The search engine leader said advertising spending lifted third-quarter profit by 46 percent.

Also Thursday, Advanced Micro Devices surpassed revenue targets, but posted a bigger-than-expected loss due to a charge related to its acquisition of ATI Technologies.

With little in the way of economic news expected, investors will monitor what Federal Reserve Chairman Ben Bernanke and St. Louis Fed President William Poole might say on a panel discussion at the bank's conference on monetary policy. The panel is set to begin at 9 a.m. EDT.

Overseas, Japan's Nikkei stock average closed down 1.71 percent. Britain's FTSE 100 fell 0.11 percent, Germany's DAX index fell 0.22 percent, and France's CAC-40 fell 0.03 percent.

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Though futures indicate a lower open, that pales in comparison to what traders on the floor of the New York Stock Exchange had to contend with exactly 20 years ago. On Oct. 19, 1987 -- a day still known as Black Monday -- the Dow plunged 23 percent on concerns about interest rates and slowing economic growth.

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On the Net:

New York Stock Exchange: http://www.nyse.com/

Nasdaq Stock Market: http://www.nasdaq.com/

[Associated Press; by Joe Bel Bruno]

Copyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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