Oil Rallies to $100, Stocks Retreat on Libya Revolt; Euro Gains

Oil rallied, touching $100 a barrel in New York for the first time since October 2008, as Libya’s uprising threatened to halt exports. Stocks fell amid concern higher energy costs will slow economic growth, while Treasuries dropped after a $35 billion auction.

Crude for April delivery settled at $98.10 after surging as much as 4.8 percent to $100. Gasoline and heating oil also jumped. The Standard & Poor’s 500 Index slid 0.6 percent as of the 4 p.m. close in New York after tumbling 2.1 percent yesterday, the most in six months. Hewlett-Packard Co. led losses in equities after its forecasts trailed analysts’ estimates. Sugar and cotton dropped more than 1.9 percent. The euro gained on prospects for higher interest rates.