Markets Plunge As Oil Surges Above $85 A Barrel

Oil prices surged above $85 a barrel for the first time sending the markets plunging during the midday with the Dow skidding 157 to 13,936. Nasdaq plummeted 30 points to 2775 while S&P 500 tumbled 15 points to 1546. The 30-year bond eased as the yield edged up to 4.907%.