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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/libya-concerns-see-us-stocks-slide.jpg"><img class="alignnone size-full" title="The Dow Jones fell 37.28 points to close at 12,068.50" src="http://londonglossy.com/wp-content/uploads/2011/02/min-libya-concerns-see-us-stocks-slide.jpg" alt="The Dow Jones fell 37.28 points to close at 12,068.50"/></a></p>
<p>US stocks fell for a third day as concerns continued over how violent clashes in Libya would affect the global oil market.</p>
<p>Major indexes pared steeper losses on Thursday afternoon after oil prices fell for the first time in nine days.</p>
<p>Oil fell to 97.28 dollars a barrel after the International Energy Agency said fighting between forces loyal to Muammar Gaddafi and anti-government protesters in Libya were not affecting oil inventories as much as analysts had feared. Libya is the world&#8217;s 15th largest exporter of crude, accounting for 2% of global daily output. Oil had traded as high as 103.41 dollars earlier in the day.</p>
<p>Traders are worried that fighting could threaten Libya&#8217;s oil production and spread to other countries in the region, such as oil-rich Saudi Arabia. Higher oil prices can also slow the US economy by increasing transportation costs.</p>
<p>Reports of ample oil inventories &#8220;calmed some of the short-term fears in the market,&#8221; said Bruce McCain, chief investment strategist at Key Private Bank. &#8220;But the fact that there is very little real information coming out the country is worrying.&#8221;</p>
<p>The Dow Jones industrial average fell 37.28 points, or 0.3%, to 12,068.50. It had been down as many as 122 points earlier in the day.</p>
<p>The Standard&#038;Poor&#8217;s 500 index fell 1.30, or 0.1%, to 1,306.10. The Nasdaq composite gained 14.91 points, or 0.5%, to 2,737.90.</p>
<p>The mixed stock performance came the same day the Labour Department reported that fewer people applied for unemployment benefits last week, a sign that the job market is recovering.</p>
<p>The four-week average for applications, a figure closely watched by financial analysts, fell to its lowest level in more than two and a half years.</p>
<p>The housing market, however, continued to lag. The Commerce Department said sales of new homes fell significantly in January.</p>
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