07 Mar '11, 10pm

US stocks down on Libya unrest

NEW YORK - US stocks sank for a second day Monday as Libya veered toward civil war and unrest continued to roil some Arab countries, driving crude oil above $106 a barrel in New York. "Oil continues to call the shots for the equity market and has left economics news secondary in investors' minds," said Scott Marcouiller at Wells Fargo Advisors. The Dow Jones Industrial Average dropped 79.85 points (0.66 percent) to finish at 12,090.03. The S&P 500 index, a broader measure of the markets, fell 11.02 points (0.83 percent) to 1,310.13, while the tech-rich Nasdaq Composite shed 39.04 points (1.40 percent) at 2,745.63. Still, the main indexes pared earlier losses amid concern that the Libyan unrest would spread to other oil-producing countries in the Middle East and North Africa. "We expect global stock prices will remain volatile following daily moves in crude oil futures pric...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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