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US shares drop sharply on oil fears US shares drop sharply on oil fears
(about 2 hours later)
(15:00): Leading US stock indexes declined sharply on Monday, as plunging oil prices worried investors. (Close): Leading US stock indexes declined sharply on Monday, as plunging oil prices worried investors.
The Dow Jones fell 377.22 points, or 1.9%, to 17,495 in afternoon trading. The Dow Jones fell 331.34 points, or 1.86%, to close at 17,501.65.
The broader S&P 500 index shed 40.52 points, or 2%, at 2,017, and the tech-heavy Nasdaq slipped 85.09 points or 1.8% to 4,641. The broader S&P 500 index shed 37.62 points, or 1.83%, to 2,020.58, and the tech-heavy Nasdaq slipped 74.24 points or 1.57% to 4,652.57.
The US oil price fell below $50 per barrel for the first time since April 2009. The US oil price briefly fell below $50 per barrel for the first time since April 2009.
Known as West Texas Intermediate crude, it fell 5.39% to $49.85 a barrel, below the symbolic threshold. Known as West Texas Intermediate crude, it finished the day at $50.04, a 5% drop.
The benchmark Brent crude oil price also fell significantly, dropping 6.24% to $52.90 per barrel. The benchmark Brent crude oil price also fell significantly, dropping 6% to $53.03 per barrel.
Oil firms Exxon Mobil and Chevron saw their shares fall as a result.Oil firms Exxon Mobil and Chevron saw their shares fall as a result.
Shares in Exxon were down over 2.5% by the afternoon, and Chevron's had declined by more than 3.5%. Shares in Exxon closed down 2.7% and Chevron fell 4%.
Industrial machinery giant Caterpillar also saw its share price slip by more than 5% as investors worried about the firm's exposure to the energy sector. Industrial machinery giant Caterpillar also saw its share price slip by more than 5.28% as investors worried about the firm's exposure to the energy sector.