NEW YORK — Stocks fell for a third day Thursday as concerns continued over how violent clashes in Libya would affect the global oil market. Major indexes pared steeper losses in the afternoon after oil prices fell for the first time in nine days.
Reports of ample oil inventories “calmed some of the short-term fears in the market,” said Bruce McCain, chief investment strategist at Key Private Bank. “But the fact that there is very little real information coming out of the country is worrying.”
The Dow Jones industrial average fell 37.28 points, or 0.3 percent, to 12,068.50. It had been down as many as 122 points.
The Standard & Poor’s 500 fell 1.30, or 0.1 percent, to 1,306.10. The Nasdaq composite gained 14.91 points, or 0.5 percent, to 2,737.90.
The mixed stock performance came the same day the Labor Department reported that fewer people applied for unemployment benefits last week, a sign that the job market is recovering. The four-week average for applications, a figure closely watched by financial analysts, fell to its lowest level in more than 2 1/2 years.
The housing market, however, continued to lag. The Commerce Department said sales of new homes fell significantly in January. The Associated Press
