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| Version 1 | Version 2 |
|---|---|
| US shares drop sharply on oil fears | US shares drop sharply on oil fears |
| (about 2 hours later) | |
| (Close): 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 331.34 points, or 1.86%, to close at 17,501.65. | The Dow Jones fell 331.34 points, or 1.86%, to close at 17,501.65. |
| 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 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 briefly 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 finished the day at $50.04, a 5% drop. | 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% to $53.03 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 closed down 2.7% and Chevron fell 4%. | Shares in Exxon closed down 2.7% and Chevron fell 4%. |
| Industrial machinery giant Caterpillar also saw its share price slip by more than 5.28% 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. |
| Analysis by Samira Hussain, BBC News, New York | |
| In the run-up to the Christmas holidays, the low price of oil was taken as good news for US markets. | |
| But now, the big drops are being seen as a worrying sign by investors who are concerned about the strength of the global economy. | |
| These drops in the price of oil could indicate less demand and therefore slower economic activity around the world. | |
| Consumers however, continue to reap the benefits of low fuel prices. | |
| It is cheaper to fill your car with petrol and to heat your home, leaving consumers with more money in their pockets. |