Unless you have a totally stripped-down Eldorado, your speedometer is most likely ELECTRONIC (probably even has a digital readout).
Check your Trip Computer. Has it stopped reading fuel economy, distance to empty, etc.?
Is your odometer also not adding miles as you drive?
If affirmative to all of the above, replace your SPEED SENSOR, and you'll be all set :)
SOURCE: Locate O2 Sensors in 1994 Cadillac ElDorado
o2 will not make your car do that you have other issues check for secondary ignition miss or primary ignition miss sounds like you are dropping a cylinder dumping raw fuel to contaminate 02 sensor find the real problem to fix your light
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