U.S. stocks dropped for a second straight session on Wednesday as Libya's violence sent oil prices up briefly to $100 a barrel and tech shares sank, adding credence to calls for a market correction.
Oil futures jumped to their highest since October 2008 amid worries about supply disruptions in Libya, a top oil producer. Late in the day, oil eased off the day's highs, helping stocks trim losses.
The day's drop follows a 2.1 percent decline in the S&P 500 on Wednesday, and the second straight session of above-average trading volume. However, since a modest correction is expected, investors at this point are taking the declines in stride.
"We've had a solid run-up here in the equity markets for an extended period, really without a correction, so long-term, this will be a good thing for the market to have a little bit of a pullback," said Wayne Schmidt, chief investment officer at Gradient Investments In St. Paul, Minnesota.
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 12,105.78 |
|---|---|
| Trade Time: | 4:02PM EST |
| Change: |  107.01 (0.88%) |
| Prev Close: | 12,212.79 |
|---|---|
| Open: | 12,211.81 |
| Day's Range: | 12,063.43 -12,221.12 |
| 52wk Range: | 9,596.04 -12,418.00 |
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