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Evening Business Brief

February 22, 2011, 4:56 PM

Evening Business Brief
Between the unrest in Libya and a surge in oil prices, Wall Street was unnerved today. The Dow fell 178 points to 12,213. The S&P fell nearly 28 points, while the Nasdaq dropped nearly 78 points.
  • Oil prices soared to the highest level in more than two years. Benchmark West Texas Intermediate for April delivery jumped $5.71, or 6 percent, to settle at $95.42 per barrel on the New York Mercantile Exchange.
  • Hewlett-Packard's earnings jumped 16 percent as the company benefited from expanded efforts to sell technology to businesses. But revenue growth fell short of Wall Street's targets, raising questions about the momentum of the company's transformation and the shares dropped sharply in after-hours trading.
  • Shares of Netflix fell after said it is allowing people who subscribe to its premium shipping program to watch movies online for no additional cost. That's heating up competition between the online video streaming and DVD rental service and online retailer. 
  • While Senate counterparts are away, Democrats in the Wisconsin Assembly have begun introducing a barrage of 100 amendments. They're trying to stymie the Republican governor's plan to strip unionized public employees of most of their bargaining rights.

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