Commodities
US Stocks Plummet as Oil Prices Surge
US stock indices closed lower on Monday, August 31, as West Texas Intermediate (WTI) crude oil prices rose by over $2 to $85.93 per barrel.
The Dow Jones Industrial Average fell 373 points, or 0.7 percent, to 53,186. The Nasdaq Composite Index declined 31 points, or 0.12 percent, to 26,370. The S&P 500 Index dropped approximately 25 points, or 0.33 percent, to 7,686.
The increase in oil prices likely contributed to the decline in US stocks, as higher energy costs can negatively impact companies' bottom lines and consumer spending power.