STOCKS PLUNGE: DOW DOWN ALMOST 300
Oil tumbles below $28 a barrel for 1st time since 2003
(USA TODAY) The sell-off that has engulfed global stock markets early in 2016 intensified Wednesday, with oil breaking below $28 a barrel for the first time since 2003, the Dow plunging almost 300 points at the open, Japanese stocks skidding into bear market territory and European shares shedding 3%.
Sparking Wednesday’s stock sell-off around the world were many of the same worries that have dragged down shares all year: fears of slowing growth around the globe and the continued plunge in oil at a time when markets are craving stabilization in the oil patch. U.S.-produced crude was down 92 cents barrel, or 3.2%, to $27.54, its lowest level since September 2003.
For now, as many Wall Street pros have been saying, “As oil goes, so goes the stock market.” Unfortunately, signs of stabilization in the oil patch have not appeared amid a supply gut, slowing global growth and Iran brining on more supply after economic sanctions were lifted.
Read more at http://www.wnd.com/2016/01/stocks-plunge-dow-down-almost-300/#jwcvY84u3zpJyXfV.99
No comments:
Post a Comment