(CNBC) U.S. stocks declined Thursday, with airline and restaurant shares knocked and the S&P 500 down for a third day, as concern about violence in Iraq increased, along with the price of oil.
"The transports and consumer discretionary names -- restaurants -- are getting banged up today; if people are paying more at the pump they are less likely to go to a restaurant," said Art Hogan, chief market strategist at Wunderlich Securities.
Crude spiked on worry of supply disruptions amid a Sunni militant uprising in Iraq that had rebels controlling two cities and the Wall Street Journal reporting that Iran was sending elite troops to help the Iraqi government fight the rebellion. President Barack Obama said he would not rule out the use of airstrikes to help Iraq's government.
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