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Reversing Course, Stocks Drop as Oil Slides

The oil-induced rout presses on with the Dow sliding almost 100 points.
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U.S. stocks finished lower on Monday, topping off a wild ride that had the Dow Jones Industrial Average trading in a more than 300-point range on either side of neutral as investors monitored the price of oil.

"We've got a pattern now of as goes oil, so goes the market. It doesn't necessarily make sense, but that's the nature of the beast until it's not," said Art Hogan, chief market strategist at Wunderlich Securities.

Turning negative after a 122-point jump, the Dow Jones Industrial Average fell as much as 165 points. It finished down 99.9 points, or 0.6 percent, at 17,180.84. The S&P 500 declined 12.70 points, or 0.6 percent, to 1,989.63, with financials pacing losses that extended to all 10 of its major sectors.The Nasdaq dropped 48.44 points, or 1 percent, to 4,605.17. Oil prices slid to 5-1/2-year lows on worries that a slowing global economy would eat into energy demand.

— NBC News staff and CNBC
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