US stocks fall as oil prices resumes their downward slide
NEW YORK : US stocks fell on Monday, with petroleum-linked shares especially weak, as oil prices resumed their downward slide.
The Dow Jones Industrial Average fell 208.29 points (1.29 percent) to 15,885.22. The broad-based S&P 500 dropped 29.82 (1.56 percent) to 1,877.08, while the tech-rich Nasdaq Composite Index shed 72.69 (1.58 percent) to 4,518.49.
Sinking oil prices have been an albatross on US stocks for much of the year, with crude supplies mounting even as the global economy slows.
Dow members ExxonMobil and Chevron lost 3.4 percent and 3.2 percent. Others even more hard-hit included oil services company Weatherford International, which plunged 11.5 percent, and midsized producer EOG, which fell 6.8 percent.
Large bank shares dropped. Bank of America shed 4.4 percent, and Citigroup and Dow member Goldman Sachs both lost 3.7 percent. Dow member Caterpillar, which provides industrial equipment to the oil and mining sectors, fell 5.0 percent as Goldman Sachs downgraded the stock.