Issue link: https://www.epageflip.net/i/26688
8B – Daily News – Tuesday, March 8, 2011 Stocks fall as oil prices push higher Wall Street NEW YORK (AP) — Stocks fell Monday as higher oil prices weighed on the market. Oil hit a two-year high early in the day, nearing $107 a barrel, after forces loyal to Libyan leader Moam- mar Gadhafi launched airstrikes against oppo- sition fighters at an oil port. Benchmark West Texas Intermediate crude gained $1.02 to settle at $105.44 per barrel. The market has been shaken in recent weeks by the uprising in Libya and its effect on oil prices. A sustained rise in the price of oil could hurt the economic recovery by raising manufacturing and transportation costs. Rising crude prices have pushed U.S. gaso- line prices higher. Pump prices have jumped an average of 39 cents per gallon since the Libyan uprising began in mid- February, forcing motorists to pay an additional $146 million ‘‘The market is going to have to sort out what’s fact and what’s rumor. They are saying, ‘How high can the prices go, and more importantly for how long.’’’ — Quincy Krosby, market strategist for Prudential Financial per day for the same amount of fuel. Stocks had started higher on news of two corporate deals. Hard drive maker Western Digital Corp. jumped 16 percent after announcing plans to buy Hitachi Global Storage Technologies for $4.3 billion. French fashion conglomerate LVMH Moet Hennessy Louis Vuitton says it will buy Italian jeweler Bulgari SpA for $6 bil- lion. Investors fear that oil prices could surge even higher if the unrest in the Middle East and North Africa spreads to major oil-producing countries like Saudi Arabia. ‘‘The market is going to have to sort out what’s fact and what’s rumor,’’ said Quincy Krosby, market strate- gist for Prudential Financial. ‘‘They are saying, ‘How high can the prices go, and more importantly for how long.’’’ The Dow Jones industrial average fell 79.85 points, or 0.7 per- cent, to close at 12,090.03. The Standard & Poor’s 500 index fell 11.02 points, or 0.8 per- cent, to 1,310.13. The Nasdaq fell 39.04 points, or 1.4 percent, to 2,745.63 All three indexes have lost more than 1 percent so far this month. The dollar rose, as did utility companies. The utility company index within the S&P PALO ALTO (AP) — Electric car maker Tesla Motors Inc. plans to offer a limited-edition version of its Model S sedan next year that will have a battery 500 gained 0.4 percent even though the overall index declined. The CBOE Market Volatility Index jumped 8 percent to 20.66, a sign that investors expect stock trading to become more turbulent. Starbucks rose 1.4 percent after CEO Howard Schultz told the Wall Street Journal the company is looking for companies to acquire. McDonald’s Corp rose 0.3 percent, the biggest gain among the 30 com- panies that make up the Dow average. Alcoa Inc. fell the most, 2 per- cent. More than three stocks rose for every one that fell on the New York Stock Exchange. Consolidated trading volume was 4.2 billion shares. Tesla to release a Model S with 300-mile range mighty enough to keep the car going for 300 miles on a single charge. That’s much farther than the Nissan Leaf, which can go up to 100 miles on a charge. The Leaf NoTAXSale Recliners Thurs. March 31, 2011 Thru Beauty Rest Savings up to 50% off Mattresses Furniture DEPOT www.rollinghillscasino.com www.thefurnituredepot.net HOURS: MONDAY-FRIDAY 9:00-6:00 SATURDAY 9:00-5:00 • SUNDAY 11:00-5:00 235 S Main St., Red Bluff • 530 527-1657 went on sale late last year. Tesla vice president for worldwide sales George Blankenship said in a Web posting Monday that Tesla plans to sell a Model S Sig- nature Series with the 300- mile battery in North Amer- ica starting in mid-2012. Tesla will sell versions of the all-electric Model S with 230-mile and 160-mile bat- teries later in 2012. A right- hand drive Model S also is due in 2012. The Model S with a 160- mile battery will start at $57,400, or $49,900 after a $7,500 federal tax credit. Blankenship said the 230- mile option is expected to cost $10,000 more, and the 300-mile option about $20,000 more. Education Calendar March 2011 Scrub Sale Tues. & Wed., March 8-9 10am-2 pm Warde McAuley call 529.8002 Community BLS/CPR Tuesday, March 8 6:00pm-10:00pm Columba Room Education 529-8026 Grief Support Meets every Thursday, 3-5 pm call Kristin 528.4207 Waterbirth Class 5:00pm-9:00pm Wed., March 9 Columba Room Education 529.8026 Cardiac Support Group Mon., March 14 7:00pm-9:00pm Columba Room Loree Spurgeon 527-5077 Diabetic Education 5:00pm-9:00pm Tues., March 15 Columba Room Education 529-8026 Used Book Sale Warde McAuley call 736.1326 Tues. & Wed., March 22-23 10am-4 pm St. Elizabeth Community Hospital A member of CHW www.redbluff.mercy.org/sports