* Crude prices rise on turmoil in oil-producing regions
* VIX falls, nears levels from before Japan crisis
* Walgreen slips after results, Netflix rises on upgrade
* Dow off 0.2 pct, S&P off 0.4 pct, Nasdaq off 0.3 pct
* For up-to-the-minute market news see []
(Updates to close)
By Chuck Mikolajczak
NEW YORK, March 22 (Reuters) - Wall Street snapped a
three-day winning streak on Tuesday, even as investors
adjusted to the insecurity created by events in Japan, the
Middle East and North Africa.
The CBOE Volatility Index <.VIX> fell 1.9 percent to
20.21, leaving it not far from its level before the crisis in
Japan sparked a huge spike in the VIX, suggesting investors
have become acclimated to Japan's biggest-ever earthquake and
the toppling of governments across the Arab world.
The VIX has tumbled 31.6 percent in the last four days.
"There is a palpable difference in the kind of intensity
that someone like myself feels being on the trading floor,"
said Gordon Charlop, managing director at Rosenblatt
Securities in New York.
Volume was the lowest of the year, with 6.33 billion
shares traded on the New York Stock Exchange, the American
Stock Exchange and Nasdaq, pointing to a lack of conviction.
Average daily volume is 8.08 billion shares.
Fighting in Libya and unrest in Yemen have contributed to
rising oil prices, which has dragged on equities. April U.S.
crude futures <CLc1> rose $1.67 to settle at $104 a barrel
while Brent <LCOc1> added 74 cents to settle at $115.70. For
details, see []
"Those that are still bullish are trying to buy on dips
and took advantage of the prices from the middle of last week.
But as far as upward momentum, I don't think it's there
anymore," said Terry Morris, senior equity manager at National
Penn Investors Trust Company in Reading, Pennsylvania.
"So it's a wait-and-see attitude and and not a lot of
commitment from either side at this point."
According to a recent report from EPFR Global, fund flows
"took a marked turn towards the defensive in mid-March,"
following the crisis in Japan, with greater flows to funds
oriented in consumer goods, telecom and health care.
The Dow Jones industrial average <> lost 17.90 points,
or 0.15 percent, to 12,018.63. The Standard & Poor's 500 Index
<.SPX> dropped 4.61 points, or 0.36 percent, to 1,293.77. The
Nasdaq Composite Index <> shed 8.22 points, or 0.31
percent, to 2,683.87.
European Central Bank President Jean-Claude Trichet and
other ECB policymakers have reiterated they are ready to act
quickly to guard against inflation, despite the impact of
Japan's disasters. []
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To see a graphic on trading volume, see:
http://r.reuters.com/gyp68r
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Walgreen Co <WAG.N> was the S&P 500's biggest percentage
loser, falling 6.6 percent to $39.21 after it reported its
quarterly results. []
One of the S&P's top percentage gainers was Netflix Inc
<NFLX.O>, which rose 4 percent to $$221.39 after Credit Suisse
upgraded the stock to "outperform." []
Declining stocks outnumbered advancing ones on the New
York Stock Exchange by 1,703 to 1,262, while on the Nasdaq,
decliners beat advancers by 1,540 to 1,052.
(Reporting by Chuck Mikolajczak; Editing by Jan Paschal)
