U.S. shares slumped in trading on Monday (03/07/2011) local time. This electrical current that Libya turn sentiment toward civil war and unrest continue to disrupt several Arab countries. This push crude above 106 dollars per barrel in New York.
"Oil continues to throw disorder into the equity markets and economic news has left the secondary in the minds of investors," said Scott Marcouiller from Wells Fargo Advisors.
The Dow Jones Industrial Average fell 79.85 points (0.66 percent) to end at 12090.03. S & P 500 Index dropped 11.02 points (0.83 percent) to 1310.13, while the technology-heavy Nasdaq composite index slumped 39.04 points (1.40 percent) to 2745.63.
However, the main index reduced earlier losses amid fears that Libyan unrest will spread to countries other oil producers in the Middle East and North Africa. "We expect global share prices will remain volatile moves follow the daily movements of crude oil futures prices. The situation in the Middle East is still very volatile. Therefore, we expect the pressure of rising oil prices further in coming days," said Frederic Dickson of DA Davidson & co.
"Until now, the situation off, we expect the U.S. stock prices remain bound by various acts of selling and a brief rally that pushed the news," he added.
The stock market is under pressure from political uncertainty marked the second anniversary of the rebounds almost stable from nadir March 6, 2009.
At New York's main futures contract, light sweet crude for April delivery exceeded 106 U.S. dollars per barrel before settling in over 105 U.S. dollars. WTI contract has risen more than 20 percent over the last two weeks.
Bad move technology stocks after Wells Fargo analyst publish negative comments on the computer chip sector. In the Dow blue-chip, Intel fell 1.62 percent to 21.21 U.S. dollars. Rival, AMD, fell 4.17 percent to 8.84 dollars on the Nasdaq. Only four of the 30 Dow stocks ended in positive territory. The largest component, ExxonMobil, slumped 0.42 percent to 84.72 U.S. dollars.
Share your hard drive maker, Western Digital, jumped 15.56 percent to 4.67 dollars after it said it bought the Japanese unit of the disc drive, Hitachi Ltd., Hitachi Global Storage Technologies, for about 4.3 billion dollars in shares and cash.
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