Stocks Are Tumbling

Stocks are getting crushed.

On Wednesday, oil was crashing again and US stocks were taking their lead from the commodity.

Near 2:00 pm ET, stocks were near their lows of the day, with the Dow down 224 points, the S&P 500 was down 25 points, and the Nasdaq was down 56 points.

All of the indexes were down more than 1%.

On Tuesday, stocks also started the day in the red, with the Dow falling more than 200 points before recovering most all of those losses. That pattern is not holding up on Wednesday.

Stocks in Europe, which suffered broad losses on Tuesday were also falling on Wednesday, though Germany’s DAX was squeaking out small gains.

The economic data front is quiet on Wednesday, with just the monthly budget statement from the US Treasury expected at 2:00 pm ET this afternoon.

The price of oil was also dropping again on Wednesday after its decline took a pause on Tuesday.

WTI crude fell more than 4% to break below $US61 a barrel on Wednesday, while Brent was also off 3%, briefly cracking $US65 a barrel.

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