Investors Compare Drop in Oil Prices to the Dot-Com Bust of 2000
As oil prices continue to drop, so does the stock market. Oil prices fell below $56 a barrel today and the Dow fell 100 points; the S&P 500 and Nasdaq also finished the day in the red. Typically this time of year brings investors great joy as the Santa Rally is in full swing, but this year many investors are beginning to think that the dropping oil prices will turn Santa into a Scrooge. Since 2004, the U.S. stock market has posted gains seven out of ten years during the final two weeks of December, including a 3.7% gain last year.
Word on the Street
- Crude oil falls 4% to $55.44 a barrel.
- Did Apple (AAPL) pick on the wrong people?
- Sony (SNE) down 10% since recent hacks.
- The Fed to look at oil instead of jobs this week.
- Uber to be banned in France starting in 2015.
- UPS (UPS) ready after failing to deliver in 2013.
- PetSmart (PETM) sells itself for $8.7 billion.