Stock market recap

The stock market fell for the second straight session today, as record-high oil prices and a bleak economic assessment from the Federal Reserve deepened investors’ worries that Americans may face several more months of rising costs and a shaky employment picture. The Dow fell 227.24, or 1.77%, to 12,601.44. The Nasdaq dropped 43.99, or 1.77%, to 2,456.09, while the S&P 500 lost 22.69, or 1.61%, to 1,390.71. Decliners outnumbered advancing issues by more than a 2-to-1 ratio on the NYSE, where volume remained moderate.