Traders work in the Oil Futures pit at the New York Merchantile Exchange in New York
Traders work in the Oil Futures pit at the New York Merchantile Exchange in New York, July 9, 2008. U.S. stocks extended losses on Wednesday as oil prices rose, renewing concerns about the impact of higher energy costs on consumer spending, while a sharp drop in shares of Cisco Systems Inc sent the Nasdaq index 1 percent lower. REUTERS/Brendan McDermid (UNITED STATES)