The following is an excerpt from SAUMYA VAISHAMPAYAN | January 6, 2016 | WSJ.com |
A steep fall in oil prices and fresh concerns about China sent the Dow Jones Industrial Average to a three-month low, extending markets’ shaky start to the year.
The Dow Jones Industrial Average declined 252.15 points, or 1.5%, to 16906.51, its lowest close since Oct. 6. Stocks extended losses as oil prices careened lower, hitting shares of energy companies.
U.S. crude oil slumped 5.6% to $33.97 a barrel, settling at its lowest level since December 2008. Energy stocks in the S&P 500 slid 3.6%, sharply outpacing losses in other sectors. The SPDR S&P Oil & Gas Exploration & Production exchange-traded fund fell 6.9% to its lowest close since April 2009.
The S&P 500 lost 26.45 points, or 1.3%, to 1990.26. The Nasdaq Composite fell 55.67 points, or 1.1%, to 4835.76.
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