Energy companies led a decline on the stock market as crude oil continues to tumble. The price of oil dropped another 5 per cent Monday to $46 a barrel. That’s far below its recent peak of more than $100 a barrel last June. The slump means much lower profits for energy companies, even though consumers benefit by paying less for gas.
The Dow Jones industrial average fell 96.53 points, or 0.5 per cent, to 17,640.84.
The Standard & Poor’s 500 index shed 16.55 points, or 0.8 per cent, to 2,028.26
The Nasdaq composite lost 39.36 points, or 0.8 per cent, to 4,664.71.
For the year:
The Dow is down 182.23 points, or 1 per cent.
The S&P 500 index is down 30.64 points, or 1.5 per cent.
The Nasdaq is down 71.35 points, or 1.5 per cent.