big board specialist jonathan corpina says equity investors are reacting to fear of the unknown. >> if we're going to see oil prices move higher, it's because there's uncertainty in the middle east. and, when there's uncertainty in the middle east that can reflect to uncertainty globally and any type of uncertainty, investors pull their money to the sidelines. >> reporter: in the summer of 2008, when crude prices surged to a record $150 a barrel the s&p 500 plummeted. from july through december, the index plunged nearly 30%. clearly much of the decline was due to the financial crisis, but oil prices also got some of the blame. the question today is whether stock investors will eventually shrug off the oil shock and see this time as a buying opportunity. or, will they continue to worry higher oil prices will unravel the fragile economic recovery. investment strategist stephen freedman says the scenario where oil prices derail the stock market is a real threat. >> we believe that from current levels where oil is at about $100, if you were to go to a $110 and stay there for a while, you c