US stocks fall as oil plunges

US stocks fall as oil plunges

IANSUpdated: Friday, May 31, 2019, 06:51 PM IST
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NEW YORK, NY - JANUARY 19: Traders work on the floor of the New York Stock Exchange during the morning of January 19, 2016 in New York City. The Dow Jones Industrial Average rose more than 100 points upon opening this morning after crashing more than 300 points last Friday. Andrew Burton/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY == |

New York: US stocks slumped after wild swings as a further decline in oil prices continued to weigh on investor sentiment.

The Dow Jones Industrial Average tumbled 249.28 points, or 1.56 percent, to 15,766.74. The S&P 500 dipped 22.00 points, or 1.17 percent, to 1,859.33, Xinhua news agency reported. The Nasdaq Composite Index fell 5.26 points, or 0.12 percent, to 4,471.69. Oil prices refreshed their multi-year lows on Wednesday, dragged down by a global supply glut.

The West Texas Intermediate for February delivery settled at $26.55 a barrel on the New York Mercantile Exchange, its lowest level since May 2003. Investors turned to safe haven assets, such as sovereign bonds and gold, as global stock markets are in full retreat.

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