Oil prices surge, stocks plummet over global unrest

Font Size:

NEW YORK—The Standard & Poor’s 500-stock index posted its biggest intraday drop of the year Tuesday as escalating tensions in the Middle East and North Africa sent oil prices soaring.

The S&P 500 fell 1.8%, to 1319 on Tuesday, its biggest intraday point drop since Aug. 11, 2010. It was the measure’s biggest percentage drop since Oct. 19, 2010. Traders noted that the market’s losses deepened after the S&P 500 fell through support at the 1324 level.

The Dow Jones Industrial Average sank 161 points, or 1.3%, to 12230. At its lows of the day, the Dow had its biggest intraday point drop since Nov. 16 and its biggest percent drop since Jan. 28, when news of unrest in Egypt spooked investors.

Full Story: Global Unrest Sends Stocks Plummeting –