Wall St hits session lows after oil price surge

U.S. stocks fell to session lows on Wednesday after data showing larger-than-expected decline in gasoline inventories sent crude oil prices climbing and added to concerns about companies' profit outlook.

Higher energy costs threaten to squeeze both consumers and businesses as the economy grapples with the housing slump.

The Dow Jones industrial average .DJI fell 33.79 points, or 0.27 percent, to 12,542.65. The Standard & Poor's 500 Index .SPX declined 4.56 points, or 0.33 percent, to 1,360.98. The Nasdaq Composite Index .IXIC shed 13.22 points, or 0.56 percent, to 2,335.54.

(Agencies)