Stocks are getting clobbered to start the week.
Near 2:50 pm ET, the Dow was down 240 points, the S&P 500 was down 40 points, and the Nasdaq was down 85 points.
The Dow and S&P 500 were down 1.9%, while the Nasdaq was down about 1.8%.
Stocks were sliding as the price of oil continued to make new lows, with West Texas Intermediate crude falling below $US50 for the first time since April 2009.
Brent crude oil, the international benchmark, was also making new lows, falling below $US53 a barrel for the first time since spring 2009.
With the weakness in oil serving as the top storyline in markets on Monday, some of the biggest individual stock losers were coming out of the energy space.
Among the big losers on Monday were:
- Whiting Petroleum, down 12%
- Continental Resources, down 12%
- EP Energy, down 12%
- Baytex Energy, down 11%
- Denbury Resources, down 9%
- Noble Energy, down 8%
With the decline Monday, stocks seem headed for losses for a third straight day of trading, with the S&P 500’s slight decline Friday marking the first time since 2008 that the benchmark index finished one year with losses and opened the next year in the red.
The US dollar, however, is rallying, with the euro falling to nine-year lows, while the dollar has exceeded parity — or equal value — with the Swiss franc.
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