Stocks fell on Tuesday as a revolt in Libya prompted investors to move away from riskier assets, providing a pause after the market's six-month rally.

Global oil prices hit a 2-1/2 year high on concerns the unrest could disrupt supplies from the oil exporting region. Libyan leader Muammar Gaddafi used tanks, helicopters and warplanes to quell a growing revolt and scoffed at reports he was fleeing after four decades in power.

The CBOE Volatility Index .VIX, Wall Street's so-called fear gauge, surged 14 percent to 18.73.