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Stock markets fall on news of decrease in oil prices
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Published: January 13, 2009
NEW YORK - Wall Street extended last week's slide yesterday as investors worried that the quarterly results that companies begin releasing this week will indicate that the economy is in worse shape than feared.
Oil prices helped fuel the pessimism, tumbling 8 percent to a new low for the year as investors bet that economic weakness would curb demand. Light, sweet crude for February delivery fell $3.24 to settle at $37.59 a barrel on the New York Mercantile Exchange.
The Dow Jones industrial average fell 125.21, or 1.46 percent, to 8,473.97. The Standard & Poor's 500 index fell 20.09, or 2.26 percent, to 870.26, and the Nasdaq composite index fell 32.80, or 2.09 percent, to 1,538.79.
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