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Crude Oil Prices Crash While Economic Data Show U.S. Accelerating; $3.64 Dive Most In 3 Years; Wages spur income gain, consumer outlays strong; factory activity, hiring up.(A)
Byline: CHRISTINA WISE
Oil prices crashed Wednesday, good news for the U.S. expansion, which already appeared to be picking up steam, according to new economic reports.
January crude oil futures in New York tumbled $3.64 -- their biggest one-day drop since September 2001 -- to $45.49 a barrel. A buildup in U.S. heating oil and other petroleum inventories eased winter fuel fears. Crude prices are down over $10 from October's record of $55.67.
Heating oil and gasoline futures also sold off on the inventory data.
The S&P 500 rose 1.5% to its best level since August 2001. The Nasdaq rose 2% to a 10-month high.
Meantime, personal income was up 0.6% in October, the most since May, the Commerce Department said. It rose 5.2% from a year ago.
Spending rose 0.7% from September. Nondurables surged 1.6%, a nine-month high, partly due to oil prices. Services, which account for the bulk of consumer spending, rose 0.5%.
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