Crude Oil Price Surge Weighs Down Wall Street Averages

Stocks have been trading lower on Tuesday, following last Friday's losses. The major averages are down, with the Dow showing a particularly steep drop. Currently, the Dow is down 568.96 points or 1.1 percent at 52,845.29.

The Nasdaq and S&P 500 are also down, but to a lesser extent. The Nasdaq is down 67.42 points or 0.3 percent at 26,439.57, while the S&P 500 is down 26.18 points or 0.3 percent at 7,692.42.

The sharp increase in crude oil prices is being blamed for the decline in stocks. The higher cost of crude oil could have a ripple effect on the overall economy, leading to increased inflation and reduced consumer spending.