NEW YORK -- U.S. blue chip stocks ended at a new low for the year Friday and oil prices, showing no signs of slowing up, hit another record high.

The Dow Jones industrials, taking a hit from its big tech components, stumbled 107.95 points, or 1.1 percent, to 9,757.81, lowest of the year.

Nasdaq had a rough day as well, dropping 38.48, or 1.97 percent, to 1,915.14.

The Standard & Poor's 500 lost 10.75, or 1 percent, to 1,095.74.

Oil prices closed up 70 cents at a record $55.17 a barrel. It earlier surged as much as 92 cents to an intraday record of $55.50.

Bonds were up. The 10-year Treasury note rose 6/32, or $1.875 for each $1,000 invested. The yield fell to 3.98 percent.

The dollar was weaker, trading at 107.28 yen, up from 107.45, while the euro rose against the dollar to $1.2666 from $1.2618.

Copyright 2004 by United Press International