Oil, Greece Fuel Steep Decline for U.S. Stocks, But Late Bounce May Help Calm Broader Fears
Escalating worries over the potential exit of Greece from the European Union along with another steep drop in crude oil prices sent U.S. stocks sharply lower Monday. The broad-based S&P 500 logged its worst day in three months. All 10 industry sectors in the benchmark index closed with losses, including a 4% decline for energy stocks as front-month West Texas Intermediate crude today fell below $50 per barrel for the first time since April 2009. The fresh move lower followed Iraq's announced plans to boost production and data showing the flow of oil from Russia climbing to a post-Soviet era high.
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