Finance

Dow plummets more than 500 points

stockmarket

The Dow Jones industrial average sank more than 500 points during midday trading. The Dow recovered sightly, however it was still down more than 370 points at 2 p.m.

Fox News reports:

Energy companies were pummeled as the price of crude oil sank 7 percent, threatening more damage to an industry that has already been stricken with bankruptcies, layoffs and other cutbacks.

 

The price of U.S. crude fell below $27 a barrel amid a global glut in oil supplies that seems to be getting worse. That’s the lowest price since May 2003 and a far cry from the $100 a barrel it fetched in the summer of 2014.

 

The Standard & Poor’s 500 index lost 63 points, or 3.4 percent, to 1,817. The Nasdaq lost 150 points, or 3.4 percent, to 4,325.

 

U.S. indexes are down 10 percent or more since the beginning of the year.

 


The falling price of crude oil has the stock market falling quickly in the first month of the year. Many individuals have switched to protecting their assets through Gold and U.S. government bonds, leaving the stock market at a historic low.

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