Falling Oil Prices Continue to Drag Down Wall Street
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JaysonPhotography/iStock/Thinkstock(NEW YORK) — Falling crude oil prices continued to pull down energy stocks on Monday.
The Dow Jones Industrial Average finished the session at 17,640.84, down 96.53 from its open.
The Nasdaq dropped 39.36 to 4,664.61. The S&P 500 lost 16.55 on Monday to close at 2,028.26.
The price of oil dropped another five percent to $46 dollars a barrel, far below its recent peak of more than $100 over the summer. The slump means lower profits overall for energy companies.
Cheap gas across the country will likely tempt potential buyers planning to attend the North American International Auto Show in Detroit this week away from small and economical models, and drive them back towards gas-guzzling trucks and SUV’s.
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