The Dow slumped 253, the S&P dropped 31 and the Nasdaq was off 69. Cratering crude oil prices are wreaking havoc on the stock market. It is shaping up to be the most volatile December since 2008, according to Dow Jones data. So far in December, the Dow has registered 12 days with moves of 100 points or more between one day’s closing bell and the next. On Friday the Dow plummeted 367 to 17,129, the S&P plunged 36 to 2,006 and the Nasdaq slumped 79 to 4,923.
Natural gas prices plunged to a 14-year low, as the warmest start to winter on record in the U.S. saps demand for the heating fuel and deals another blow to struggling energy companies.
As the Federal Reserve announced its first interest rate hike cycle in nearly a decade, there may not be too much need to hold your breath. Stocks and other key assets have performed just fine over previous rate hike cycles.
Listen in for much more in A Wall Street Wrap-up.
