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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/stocks-slump-as-oil-price-surges.jpg"><img class="alignnone size-full" title="The Dow Jones industrials fell 168.32 points to close at 12,058.02" src="http://londonglossy.com/wp-content/uploads/2011/03/min-stocks-slump-as-oil-price-surges.jpg" alt="The Dow Jones industrials fell 168.32 points to close at 12,058.02"/></a></p>
<p>Stocks have suffered steep losses as oil prices surged, renewing worries that higher fuel prices could hobble the economic recovery.</p>
<p>Oil rose 2.66 dollars to settle at 99.63 dollars a barrel amid unrest in Iran and Libya.</p>
<p>Iran clamped down on anti-government protesters and forces loyal to Libya&#8217;s leader Muammar Gaddafi launched counter-attacks against rebels expanding control over the country.</p>
<p>Prices jumped 13 % last week with a rise in turmoil across North Africa and the Middle East. That pushed petrol prices up 20 cents per gallon. As a result, Americans are now paying roughly 75 million dollars more per day to fill their petrol tanks than a week ago.</p>
<p>Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee that a sustained increase in crude prices could pose a risk to the recovery. But he predicted only a temporary increase in inflation, not runaway prices. The Fed chief also said he expected the economy to grow this year, although not enough to lower the 9 % unemployment rate.</p>
<p>The Commerce Department reported that builders began work on fewer homes, offices and commercial projects in January. The annual rate was near its decade low, set in August.</p>
<p>The Dow Jones industrial average lost 168.32 points, or 1.4%, to 12,058.02. The Standard &#038; Poor&#8217;s 500 index fell 20.89, or 1.6%, to 1,306.33. The Nasdaq composite fell 44.86, or 1.6%, to 2,737.41.</p>
<p>Three stocks fell for every one that rose on the New York Stock Exchange. Trading volume came to 1.2 billion shares.</p>
<p>Fifth Third Bancorp dropped 4.5% after the regional bank said that the Securities and Exchange Commission was investigating its accounting and reporting of commercial loans.</p>
<p>Natural gas driller Range Resources lost 7% after the company&#8217;s fourth-quarter revenue figures came in below analysts&#8217; expectations. Natural gas prices have been in a slump for the past year as a result of an oversupply in the market.</p>
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