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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/libya-troubles-hit-new-york-markets.jpg"><img class="alignnone size-full" title="The Dow Jones industrials fell 178 points to close at 12,213" src="http://londonglossy.com/wp-content/uploads/2011/02/min-libya-troubles-hit-new-york-markets.jpg" alt="The Dow Jones industrials fell 178 points to close at 12,213"/></a></p>
<p>Stocks fell sharply and oil prices spiked to their highest level in two years Tuesday as unrest in Libya worsened.</p>
<p>Oil prices jumped 6% percent to $95 a barrel. The fight between protesters and forces loyal to the Libyan leader Mummar Gaddafi threatens oil production from the world&#8217;s 15th largest oil exporter, accounting for 2% of global daily output. Libya also sits atop the largest oil reserves in Africa.</p>
<p>The Dow Jones industrial average sank 178.46 points, or 1.4%, to close at 12,212.79. Bond prices rose as investors sought safety.</p>
<p>Libyan leader Muammar Gaddafi vowed to fight to his &#8220;last drop of blood&#8221; and roared at his supporters to take to the streets against protesters demanding his ouster.</p>
<p>The Standard&#038;Poor&#8217;s 500 index fell 27.57, or 2%, to 1,315.44. It was the worst day for the S&#038;P since August 11.</p>
<p>The Nasdaq fell 77.53, or 2.7%, to 2,756.42.</p>
<p>Among traders, the main worry is that unrest will spread to other oil-rich countries in the Middle East and North Africa. Protests toppled long-time dictators in Libya&#8217;s neighbours Tunisia and Egypt in the past month, and protests are continuing in Yemen and Bahrain.</p>
<p>Falling stocks outnumbered rising ones nine to one on the New York Stock Exchange. Volume was 1.3 billion shares.</p>
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