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US stocks slide on slippery oil prices, high-tech let-down

Posted by on March 8, 2011 0 Comment

New York, March 8 (DPA) US stock prices dropped across the board Monday as increasing violence in Libya sent oil prices soaring and high-tech chipmakers received a gloomy forecast.

The trend continued Monday’s falling markets in Europe and Asia.

Oil rose to a 29-month high amidst attacks on rebels by Libyan leader Muammar Gaddafi’s security forces. Airstrikes targeted the oil-rich city of Ras Lanuf along the northern coast. Climbing oil prices could erode the fragile US economic recovery, analysts say.

Chipmaker stocks dropped after Wells Fargo & Co downgraded the outlook for the industry, Bloomberg financial news service reported.

The blue-chip Dow Jones Industrial Average fell 79.85 points, or 0.66 percent, to 12,090.03. The broader Standard and Poor’s 500 Index was down 11.02 points, or 0.83 percent, to 1,310.13. The technology-heavy Nasdaq Composite Index dropped 39.04 points, or 1.40 percent, to 2,745.63.

The US currency rose to 71.58 euro cents from 71.51 euro cents Friday. The dollar fell against the Japanese currency to 82.23 yen from 82.27 yen Friday.

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