Wall Street is having another rough day as the Dow is down more than 3050 points in afternoon trading amid a fresh slide in oil prices below the key $30 per barrel mark and continued fears about slowing global growth.
The rocky start to 2016 for stocks is continuing as investors contend with well-known yet persistent headwinds ranging from continued price declines in the oil patch, concerns about the impact of China’s slowing growth on the U.S. and other world economies, and questions surrounding the pace — and timing — of interest rate hikes from the U.S. Federal Reserve.
The Dow Jones industrial average was down 350 points, or 2.2%. Unfortunately, these kind of drops are not uncommon for the Dow in what has been a volatile 2016. The Dow is on track for its worst point loss since a nearly 391-point plunge on Jan. 15.
The broader Standard & Poor’s 500 was off 2.2% and the Nasdaq composite, which got crushed on Friday, was tumbling another 2.9%, as investors continue to exit last year’s winners, such as Facebook (F), Amazon.com (AMZN), Netflix (NFLX) and Google parent Alphabet (GOOGL) and move into more defensive corners of the market, such as utilities.