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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/libya-troubles-deflate-us-markets.jpg"><img class="alignnone size-full" title="The Dow Jones fell 107 points to close at 12,105" src="http://londonglossy.com/wp-content/uploads/2011/02/min-libya-troubles-deflate-us-markets.jpg" alt="The Dow Jones fell 107 points to close at 12,105"/></a></p>
<p>US stocks fell for the second day in a row after clashes in Libya sent oil prices to two-year highs and technology giant Hewlett-Packard said its revenue growth was slowing.</p>
<p>Forces loyal to Libyan leader Muammar Gaddafi continued to fight with anti-government demonstrators, leading to widespread chaos and shooting in the streets of the capital Tripoli.</p>
<p>Nearly 300 people have been killed, according to the New York-based Human Rights Watch. The unrest sent oil prices up 3.5% to nearly 99 US dollars (£61) a barrel, its highest price since October 2008.</p>
<p>Libya is the world&#8217;s 15th largest exporter of crude, accounting for 2% of global daily output, and traders are worried the revolt could threaten the country&#8217;s oil production and spread to other nations in the region.</p>
<p>&#8220;We&#8217;re at a point where the market is concerned over this series of dominoes in the Middle East and wonders if there&#8217;s another country that&#8217;s next to fall,&#8221; said David Katz, a portfolio strategist for Weiser Capital Management.</p>
<p>Oil companies benefited from the higher crude prices. Chevron was the biggest gainer in the Dow average, rising 1.9%, while Exxon Mobil also gained 1.9 %. Energy companies in the Standard &#038; Poor&#8217;s 500 index rose 2%, the only gain among its 10 company groups.</p>
<p>The Dow Jones industrial average lost 107.01 points, or 0.9%, to 12,105.78. The S&#038;P 500 fell 8.04, or 0.6%, to 1,307.40. The Nasdaq composite fell 33.43, or 1.2%, to 2,722.99.</p>
<p>Each major index has gained more than 10% over the last three months, leading some analysts to say that the situation in Libya is giving traders an opportunity to sell and lock in profits after the market&#8217;s recent run-up. The market&#8217;s two-day stumble is only its second significant decline this year. The other came on January 28 when protests in Egypt escalated.</p>
<p>&#8220;The market has strong fundamentals and those will once again dominate very shortly,&#8221; said Doug Cote, senior market strategist with ING Investment Management.</p>
<p>Meanwhile, technology stocks fell after Hewlett-Packard, a bellwether for the group, gave a disappointing revenue forecast for the current fiscal year. The stock fell 9.6%, the most out of the 30 that make up the Dow average.</p>
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