Market Watch: New Drop In Oil Hurts Stocks

Stocks were sharply lower on Tuesday, as another dip in oil prices concerned investors.

Brent crude prices fell almost 4 percent in early trading Tuesday, while U.S. crude prices dropped below $50 per barrel yet again with a drop of 3.4%. Adding to concerns was the fact that the price change came less than a day after Goldman Sachs announced projections that showed U.S. crude dropping to $40 a barrel in the near future.

Moreover, the strength of the dollar has traders concerned, as the Euro fell below $1.08 against the U.S. dollar–the lowest since 2004.

Tuesday restarts the flow of data, including the wholesale inventories figures for January. This figure is expected to fall for the first time since May of 2014.

Monday was something of a bounce-back day for Wall Street, as the markets recovered about half their losses from Friday’s bloodbath. The Friday drop was attributed to renewed fears of an interest rate hike.

Here are the final numbers from Wall Street on Tuesday:

Dow Jones Industrial Average: 17,662.94 (-332.78)

NASDAQ: 4,859.80 (-82.64)

S&P 500: 2,044.18 (-35.25)

Phil Cannella
Partnered with CBS Radio Network, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
- 6 days ago
Phil Cannella

Leave a Reply

Your email address will not be published. Required fields are marked *