Market Watch: Big Drop in Oil Leads to Down Day

The first day of the trading week on Wall Street was covered in red as all three of the major indices took a hit. The energy sector was the biggest loser with oil down $2.32 to $37.65 a barrel, the lowest level since February 2009- A seven year low. Peter Cardillo, chief market economist at First Standard Financial told CNBC:

“Obviously it’s about oil below $40, a new year-low. That’s going to pressure things and induce some profit-taking today. After Friday’s surge, the fact that oil prices are lower is probably going to impact the market on the negative side.”

More from CNBC below.

Here are the final numbers from Monday, 12/7/15 on Wall Street:

Dow Jones Industrial Average: 17,730.51  (-117.12/ -0.66%)

NASDAQ: 5,101.81  (-40.46 / -0.79%)

S&P 500: 2,077.07  (-14.62 / -1.70%)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
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Phil Cannella
Phil Cannella
Phil Cannella

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