Stocks Plunge on Worries over Higher Oil Prices
Stocks fell today on concerns over higher oil prices. Crude oil prices continued to soar today on worries that the unrest in Libya will lead to disruptions in oil supplies.
All three major indexes ended the day in red. The Dow Jones ended the day 0.66% lower at 12,090.03, the S&P 500 ended the day 0.83% lower at 1,310.13, and the Nasdaq ended the day 1.40% lower at 2,745.63.
All sectors in the S&P 500 finished the day in red. Basic Materials stocks were the worst performers in the S&P 500 today, ending the day 1.62% lower. Energy stocks, which climbed briefly earlier in the day, ended the day 0.66% lower. Technology stocks also fell sharply after a series of analyst downgrades and weak earnings from Ciena Corporation (NASDAQ: CIEN). Technology stocks ended the day 1.50% lower.
Among the major losers in trading today were Ciena Corporation, which ended the day 9.82% lower at $25.98, Atmel Corporation (NASDAQ: ATML), which ended the day 7.28% lower at $13.12, WMS Industries Inc. (NYSE: WMS), which ended the day 7.55% lower at $36.38, Green Dot Corporation (NYSE: GDOT), which ended the day 8.76% lower at $43.25, and Gran Tierra Energy Inc. (AMEX: GTE), which ended the day 7.68% lower at $8.77.
Among the stocks that rose sharply despite a decline in the broad market were Pharmasset Inc. (NASDAQ: VRUS), which is currently trading 24.47% higher at $61.95, Western Digital Corp. (NYSE: WDC), which is currently trading 15.56% higher at $34.68, Seagate Technology Plc (NASDAQ: STX), which is currently trading 9.03% higher at $13.56, and James River Coal Company (NASDAQ: JRCC), which is currently trading 14.62% higher at $23.21.
Crude oil in New York continued to soar in trading today as violence escalated in Libya. Traders are concerned that the situation in Libya will lead to disruptions in oil supplies. Crude oil for delivery in April soared $1.02 to $105.44 a barrel on the New York Mercantile Exchange. Brent crude in London, however, slipped slightly today. Brent crude for delivery in April fell 0.8% to $115.04 a barrel on the ICE Futures Europe exchange in London.
