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Thursday, February 24, 2011

US Stocks sink for second day as oil hits $100 (ext)

(CNN) The Dow Jones industrial average (INDU) fell 107 points, or 0.9%, a day after the blue-chip index plunged nearly 180 points. That was the first back-to-back triple-digit drop for the blue-chip index since June.

Meanwhile, the S&P 500 (SPX) slipped 8 points, or 0.6%. The Nasdaq (COMP) fell 33 points, or 1.2%.

While Libya only contributes about 2% of global output, analysts are worried about the violence and chaos spreading to bigger exporting neighbors.

"Investors are watching what's happening across the Middle East, and waiting to see if more dominoes will fall," said Ron Kiddoo, chief investment officer at Cozad Asset Management.

Traders are keeping a particularly close eye on oil-rich Saudi Arabia, where King Abdullah announced a series of measures worth billions of dollars Wednesday in an effort to ward off the kind of revolts that have roiled the region.

The dollar dropped versus the euro, the British pound and the Japanese yen.

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