Summary Box: Stocks fall as crude oil nears $107

AP News
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Posted: Mar 07, 2011 5:38 PM
Summary Box: Stocks fall as crude oil nears $107

RISING CRUDE: Stocks fell after after oil hit a two-year high, nearing $107 a barrel. The rise in oil prices came as forces loyal to Libyan leader Moammar Gadhafi attacked opposition fighters at an oil port.

HITTING THE TANK: A sustained rise in the price of oil could hurt the economic recovery by raising gasoline costs. Pump prices have jumped an average of 39 cents per gallon since the Libyan uprising began.

THE INDEXES: The Dow Jones industrial average fell 79.85 points to close at 12,090.03. The S&P 500 index fell 11.02 points to 1,310.13. The Nasdaq fell 39.04 points to 2,745.63