Stocks headed lower as oil rises to $100 a barrel

[February 24, 2011]  NEW YORK (AP) -- Stocks are headed lower and oil is rising above $100 a barrel as the violence in Libya intensifies.

Army units loyal to Libyan leader Moammar Gadhafi struck back at protesters in Libya's capital, Tripoli, and attacked a mosque outside of the city where many anti-government demonstrators had taken refuge.

The clashes sent oil up to $101.27 a barrel Thursday. Traders are worried the revolt could threaten Libya's oil production and spread to other countries in the region.

In economic news, investors will get reports on weekly applications for unemployment and new home sales.

Ahead of the opening, Dow Jones industrial futures are down 51, or 0.4 percent, at 12,043. Standard & Poor's 500 futures are down 7, or 0.6 percent, at 1,298. Nasdaq 100 index futures are down 13, or 0.6 percent, at 2,291.

[Associated Press; By CHIP CUTTER]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.