Oil Prices Continue To Rise; Stocks Fall
Major stock market indexes dove more than 1% Tuesday amid fears rising energy prices would stunt the global economic recovery.
According to preliminary calculations, the Dow Jones Industrial Average dipped 169.38 points, or 1.39%, to 12,056, the S&P 500 Index slid 21.00 points, or 1.58%, to 1,306, and the Nasdaq Composite Index skid 44.86 points, or 1.30%, to 2,737. The FOX 50 was down 12.22 points, or 1.30%, to 928.
Crude prices leaped Tuesday amid fears political instability that has struck several North African and Middle Eastern countries would spread to other oil-rich countries, such as Saudi Arabia and Iran. Indeed, protestors clashed with police in Iran, according to numerous reports.
Oil settled higher by $2.66, or 2.74%, at $99.63 a barrel — the highest settle since September, 2008.
On the consumer level, prices at the pump continued moving higher, averaging $3.38 for a gallon of regular, as compared with $3.18 a week ago, according to the AAA Fuel Gauge Report.