Stocks Down Sharply On News From Libya, Higher Oil Prices

"Stocks fell sharply and oil prices spiked to their highest level in two years Tuesday as the unrest in Libya worsened," The Associated Press writes.

The Wall Street Journal explains things this way: "U.S. stocks sank as escalating tensions in the Middle East and North Africa sent oil prices soaring and as retailers posted mixed earnings reports."

And Reuters says that "Wall Street extended losses on Tuesday as unrest in oil exporter Libya prompted investors to steer clear of riskier assets such as stocks."

At this moment, the Dow Jones Industrial Average is down about 1.35 percent (around 165 points) and the S&P 500 is down about 1.9 percent (25 points).