Wall Street Surrenders Early Gains as Oil Heads Back to 11-Year Low
Stocks were declining Monday, returning all of their slim gains soon after the opening bell after oil dropped to an 11-year low amid continued supply issues. The S&P 500 slipped below 2,000 for the first time since October while the Dow Jones Industrial Average fell to an eight-week low following losses for energy and other commodity stocks. The free fall for oil was unnerving Wall Street ahead of the Federal Reserve's policy meeting later this week, which is expected to result in a 25 basis point increase in U.S. interest rates. But with oil sliding under $35 per barrel, investors were worried whether deflationary factors could adversely influence Fed monetary policy.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.