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Stocks plummeted amid a collapse in crude prices, and drama in Greece continues.
The S&P 500 saw its biggest drop since October on Monday. Energy sector stocks led a broad selloff on Wall Street as crude prices fell to five-and-a-half year lows, and a strong dollar weighed on other commodities.
Dow industrials shed more than 300 points on Monday afternoon, while the S&P 500 slid 37-points to TWENTY/TWENTY-ONE, and the Nasdaq declined SIXTY-SEVEN-points.
Prices of crude oil futures dropped to their lowest levels since May 2009, amidst a lack of demand and global supply glut.
Oil fell below $50-dollars a barrel for the first time in nearly six years Monday, sending shares of S&P 500 energy companies tumbling nearly 4 percent.
Greek politics has weighed heavily on the markets, as speculation about Greece potentially leaving the eurozone (following a snap election on January 25th) has intensified.
European stock markets have held back over the last month over concerns about Greece, where the left-wing opposition party Syriza, which wants to cancel a chunk of Greek debt, and the austerity measures imposed after an international bailout, closely leads in opinion polls.
Energy, the euro, the dollar, commodities, sanctions… it’s fair to say 2015 is off to a running start!
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