DOW

Dow

12,090.03

-79.85

-0.66%

By: Abby Schultz

Stocks closed down, although off the lows of the day, as tech stocks dragged down the market amid high oil prices and continued turmoil in the Middle East.

The Dow Jones Industrial Average fell 79.85 points, or 0.66 percent, to close at 12,090.03, during a volatile session. The Dow had risen as much as 70 points early in the day, and fallen more than 128 by mid-afternoon.


The S&P 500 slumped 11.02 points, or 0.83 percent, to close at 1,310.13, while the Nasdaq Composite fell 39.04 points, or 1.4 percent, to close at 2,745.63. The The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose above 20.


Oil prices set the tone for the market again. Prices initially rose to new 2-½-year highs on concerns that civil war was brewing in Libya, then eased amid a report, citing unnamed sources, that a pan-Arab newspaper that Muammar Gaddafi was making efforts to secure his departure from the country. U.S. officials, however, told NBC news the report can't be confirmed and is "unlikely" considering the situation on the ground.