Stocks Lower as Oil Rout Continues to Plague the Market
US stocks trimmed some their earlier losses after mid-day on Monday but continued to be held hostage by fluctuations in the energy market as crude oil traded at multi-year lows and a selling spree in high yield bonds continued to undermine confidence in high-risk assets.
The S&P 500 Index briefly slipped below 2,000 for the first time since October, while the Dow Jones Industrial Average was down, after earlier falling to an eight-week low.
Energy shares were among the biggest losers, followed by stocks in the banking and finance sector. Crude oil was up 45 cents to $36.05 per barrel and natural gas was down 11 cents to $1.88 per 1 million BTU. Gold was down $8.40 to $1,067.30 per ounce, silver was down 15 cents to $13.73 an ounce and copper was unchanged at $2.11 per pound.
Among energy ETFs, the United States Oil Fund was up 0.97% to $11.18 with the United States Natural Gas Fund was down 4.60% to $7.37.
Europe's main equities ended the trading day significantly lower as a slight uptick in industrial production across the eurozone failed to offset a bearish sentiment in oil markets.
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