Stocks Fall as Tensions in Libya Continue

By: Associated Press
By: Associated Press

Stocks are opening lower and oil is rising to a fresh two-year high as violent protests in Libya continue.

Libyan leader Moammar Gadhafi called on supporters to attack anti-government demonstrators. That's led to widespread chaos and shooting in the streets.

The unrest sent oil up $1.63 to $97.06 a barrel. Libya is the world's 15th largest exporter of crude, accounting for 2 percent of global daily output. Many traders are worried the revolt could threaten Libya's oil production.

In early trading, the Dow Jones industrial average is down 12, or 0.1 percent, at 12,200. The Standard & Poor's 500 index is down 2, or 0.1 percent, at 1,314. The Nasdaq composite index is down 5, or 0.2 percent, at 2,751.

On Tuesday, the Dow fell by 178 points - its biggest drop since Nov. 16.

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