Oil price surged over the looming possibility of a civil war in Libya. The markets extended its losses during the midday with the Dow plunging 169 points to 12,221. Nasdaq plummeted 67 points to 2766.
On the upside
Chesapeake Energy (NYSE: CHK) sold its Fayetteville shale assets for $4.75 billion in cash to BHP Billiton (NYSE: BHP).
While fourth quarter earnings fell for VF (NYSE: VFC), the results beat expectations as revenue rose and the apparel company forecast 2011 earnings ahead of estimates.
