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US stocks plunge as the price of oil continues to crumble

2 years 4 months 2 weeks ago January 05, 2015 Jan 5, 2015 Monday, January 05 2015 January 05, 2015 2:16 PM in News
Source: Associated Press
By: APNewsNow

NEW YORK - Another plunge in the price of oil is driving stocks sharply lower.

Energy companies led the decline as crude dipped below $50 a barrel Monday.

Other stocks also fell as traders worried that the drop could indicate a weaker global economy and possibly lead to a dangerous, wider drop in other prices in the economy.

The Dow Jones industrial average lost 331 points, or 1.9 percent, to 17,501. It was down as much as 357 earlier.

The Standard & Poor's 500 fell 37 points, or 1.6 percent, to 2,024. The Nasdaq fell 56 points, or 1.2 percent, to 4,671.

In Europe, the euro sank to a nine-year low as traders worried that Greece might leave the currency union. European markets closed sharply lower.

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