The stock market continue to plunge. The Dow dropped more than 300 points on Monday.
Wall Street is under pressure from the crash in oil. “Oil fell another 3% and dropped back below $30 a barrel.” “Cheap oil is great for consumers but its dramatic downfall continues to alarm investors who fear what its signals will do to the broader economy.”
Energy stocks continue to plunge with Transocean (RIG) dropping 8% and Baker Hughes (BHI) down 4%. “However, energy giant Chesapeake Energy (CHK), plummeted as much as 51% amid bankruptcy fears.”
Markets are also expressing alarm about European banks. “Stock markets in Europe continue to slump badly, with Germany’s DAX and France’s CAC 40 dropping about 2.5%.”