The markets opened lower as oil prices surged above $110 a barrel. The Dow lost 63 points to 12,046 while Nasdaq gave up 5 points to 2238.
On the upside
On the downsideShares of Bear Stearns (NYSE: BSC) slumped on news that Carlye Capital may soon lose all of its assets. As one of Carlye's creditors, Bear Stearns may end up with more mortgage-related writedowns.