Wall Street tumbled on Wednesday to their lowest close since September, with the Dow Jones plunging more than 360 points, and oil prices gave up an early rally on mounting worries about the global economy. The Dow Jones industrial average fell 365 points, or 2.21%, to 16,151, the S&P 500 lost 48 points, or 2.5%, to 1,890 and the Nasdaq Composite dropped 160 points, or 3.41%, to 4,526.
Benchmark Brent crude slipped below $30 a barrel, a day after US oil prices breached that level. Volatility in oil prices overshadowed better-than-feared trade data out of China that initially lifted sentiment in equities and commodities. Exports from the country fell 1.4% from a year earlier.
“There is a fear that the global economy and the U.S. economy as well could lapse into a recession given the fall in energy prices and greater economic weakness overseas,”
[Source: New Model Adviser - Himanshu Singh - January 14, 2016]
