Stocks Are Getting Crushed Again (It's Ugly Out There) (Oil $47.91)

BI ^ | 1-6-2015 | Myles Udland

[blam]

Myles Udland
January 6, 2015

It's ugly out there.

Near 1:15 pm ET on Tuesday, stocks were near their worst levels of the day as oil was tumbling again.

The Dow was down 214 points, the S&P 500 was down 25 points to fall back below 2,000, and the Nasdaq was down 77 points.

All the major indexes were down more than 1.2%, with the Nasdaq down 1.6%.

CNBC's Scott Wapner has said on-air on Tuesday that we are currently looking at the worst three-day drop in the S&P 500 to start a year ever.

The major averages opened higher as they looked to recover at least a portion of their heavy losses from Monday, when all the indexes fell more than 1.5% and the Dow fell 331 points.

Oil was tumbling again, falling below $49 for the first time since April 2009 after breaking $50 for the first time in more than five years on Monday. On Tuesday, WTI hit a new low of $47.91.

(snip)

[demshateGod]

Good, it’s time for the Bourgeoisie to feel the sting of voting money into their pockets.

[blam]

[proxy_user]

The stock market goes up and the stock market goes down. Same thing with the price of oil. Feel free to place your bets!

[RayChuang88]

I still think the stock market should be valued circa DJIA 15,000 to 15,500 based on current economic conditions. The run up to DJIA 18,000 was just speculation running amok. Mind you, there is large number of speculators now waiting for a big market drop before moving in to buy stock as bargain hunters.

[Aliska]

ping

[Ingtar]

The DOW wasn’t down much until the Boehner votes started coming in.

[KoRn]

There’s strong support at $0

I might even be a buyer there, but knowing my luck, it would probably crash into negative territory for the first time in history!

[proxy_user]

That’s the CNBC shtick. Market down - profit takers. Market up - bargain hunters.

We should all be on TV.

[griswold3]

Unfortunately, TINA (there is no alternative) reigns.

[Jack Hydrazine]

I bet if there were some FReepers who had a show on CNBC who were knowledgeable in economics, the stock market, bond market, and other areas and told it like it was I bet their viewership would improve significantly.

[blam]

Oil Falls Below 50 As Global Financial Markets Begin To Unravel

[Buckeye McFrog]

Nicely engineered to coincide with Republicans taking over the Congress.