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New York (AP)

Stocks plummet down over 370 points

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Between a huge spike in the price of oil and nervousness about Washington's proposed rescue package, investors sent stock prices back down today.

The Dow fell nearly 373 points to 11,015, based on preliminary data.

The S&P 500 dropped nearly 48 points to 1,207.

And the Nasdaq composite lost about 95 points to 2,178.

Declining issues held a 4 to 1 lead over advancers.

Volume on the NYSE came to 5.1 billion shares. Some 1.9 billion shares traded on the Nasdaq stock market.

Oil prices spiked as rising anxiety over the U.S. government's proposed bailout of the financial system battered the dollar and sent investors scrambling for safe-haven assets.

The expiring October contract for crude settled at $120.92, a gain of $16.37 a barrel.