NEW YORK - US stocks accelerated their slide, tumbling for a second day as Libya's violence pushed oil prices to $US100 a barrel and tech shares sank, fuelling worry of a market correction.
Some saw the drop as a chance to buy, noting that the longer-term outlook remains bullish for stocks.
"This is an opportunity for investors. We're taking advantage of any pullbacks and using them as an opportunity to enter stocks," said Mike Gibbs, managing director and chief market strategist at Morgan Keegan in Memphis. He favours energy, technology and industrial sectors.
Oil futures in New York jumped to their highest since October 2008 amid worries about supply disruptions in Libya, a top oil producer.
While higher oil prices often boost energy-sector shares, they usually drag on the overall stock market. Higher energy costs tend to ripple through the economy, pushing up the costs of utilities, manufactured goods and transportation.
An energy-sector index rose 2.1 per cent.
RFE Price at posting:
37.0¢ Sentiment: Hold Disclosure: Held
