Oil pressures stocks once again

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Oil pressures stocks once again


Dow Jones Industrial Average drops 631 points

The Dow slid 631.56 points, or 2.67%, to close at 23,018.88. The S&P 500 fell 3.07% to 2,736.56. The Nasdaq Composite dropped 3.48% to end the day at 8,263.23. Stocks closed lower once again as oil prices continued their unprecedented wipeout, further denting market sentiment and dampening the global economic outlook. 

More oil losses

Popular oil ETF has worst day ever, IBM drops

The United States Oil Fund, a popular exchange-traded fund used by traders to gain exposure to the oil market, had its worst day ever with a 24% drop. IBM pressured the Dow, falling 3.03% after the tech company reported a year-over-year decline in overall revenue.

What happens next?

Delta Air Lines, AT&T and Biogen are scheduled to report earnings on Wednesday.

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