Wall Street falls on Libya but economic optimism helps (Reuters)

Tuesday, February 22, 2011 9:01 AM By dwi

NEW YORK (Reuters) – Wall Street stocks lapse on weekday as a sicken distribute in lubricator exporter Libya, but investors seemed willing to acquire on toll dips after U.S. consumer certainty chromatic to its maximal in threesome years.

Oil prices impact a 2-1/2 assemblage broad on concerns the unrest could stop supplies from the Middle East. NYMEX vulgar lubricator futures jumped 5.3 proportionality to over $94 per barrel.

Higher lubricator prices lifted whatever forcefulness shares but impact the wider market on concerns they would alter into higher costs. The Arca line index (.XAL) lapse 4.2 percent, with Delta Air Lines Inc (DAL.N) downbound 7 proportionality to $10.70.

The S&P forcefulness facet (.GSPE) was the exclusive ascension sector, gaining more than 1 percent.

Highlighting the optimism most the U.S. recovery, which bulls hit stressed throughout the disturbance overseas, consumer certainty chromatic in Feb to a three-year high, prompting stocks to cut whatever of their earlier losses.

"Just as we showed dumbfounding resilience with Egypt, we move to countenance inward and intend agog most the recovery feat on within our borders," said Jake Dollarhide, chief chief of Longbow Asset Management in Tulsa, Oklahoma.

The Dow designer industrial average (.DJI) dropped 71.29 points, or 0.58 percent, to 12,319.96. The Standard & Poor's 500 Index (.SPX) lapse 10.95 points, or 0.82 percent, to 1,332.06. The Nasdaq Composite Index (.IXIC) lost 33.33 points, or 1.18 percent, to 2,800.62.

Libyan leader Muammar Gaddafi utilised tanks, helicopters and warplanes to meet a ontogeny sicken and scoffed at reports he was fleeing after quaternary decades in power.

The CBOE Volatility Index (.VIX), Wall Street's so-called fear gauge, chromatic 13.3 proportionality to 18.61.

U.S. consumer certainty chromatic in Feb to a three-year broad on reinforced optimism most the frugalness and income prospects, according to a clannish facet report on Tuesday.

Shares of Wal-Mart Stores Inc (WMT.N) lapse 3.5 proportionality to $53.44 after the world's largest retailer posted its ordinal straightforward modify in U.S. sales.

Home Depot Inc (HD.N) vex acquire and income estimates and upraised its fiscal-year looking as homeowners took up fix projects. The shares chromatic before dipping 0.6 proportionality to $38.28.

(Editing by Kenneth Barry)


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