Tallahassee Journal

Dow plummets 331 as oil drops below $50

Dow plummets 331 as oil drops below $50

Stocks suffered their biggest drop in months Monday with the Dow diving about 330 points as crude oil plunged below $50 a barrel and the euro sank to a nine-year low. Major Europe benchmarks ended down as much as 3.3%.stock_market_01

The Dow and S&P 500 ended down 1.9% and 1.8% respectively — a crushing 331.34-point loss for the Dow. Monday marked the S&P 500′s first four-day losing run since 2013. The Nasdaq composite finished 1.6% lower. “When I see oil prices down 4% and European equity indexes down 1%, 2%, 3%, it’s just a sloppy day,” says Andy Brooks, vice president and head of equity trading at T. Rowe price.

The S&P 500 shed nearly 38 points to 2020.58 while the Nasdaq lost 74 points to 4652.57. The Dow ended the day at 17,501.65. The price of a barrel of light, sweet crude oil fell below $50, to $49.97, in electronic trading on the New York Mercantile Exchange. Russian output reached a post-Soviet-era peak, while demand in Europe and elsewhere continued to decline.