NEW YORK: US stocks dived at the market opening Monday as traders worried about the high price of oil and after the Group of 20 major economies snubbed Europe's call for more aid to fight the eurozone debt crisis.
The Dow Jones Industrial Average tumbled 83.56 points (0.64 percent) to 12,899.39 in opening trade.
The tech-rich Nasdaq Composite dropped 22.97 (0.78 percent) to 2,940.78, while the broad-market S&P 500 slid 9.61 (0.70 percent) to 1,356.13.
Global oil prices slipped Monday amid profit taking after reaching nine-month highs last week on worries about the impact of heightened Iran tensions on stretched global oil supplies.
A weekend G20 meeting of finance chiefs in Mexico ended with the European Union being told it needs to build up a bigger firewall before they would help by boosting the International Monetary Fund's resources.
The US equity markets were sinking "following a rebuffed call by Europe for the G20 to boost the IMF's eurozone crisis-fighting capability, while global economic concerns regarding the recent rally in oil prices are weighing on stocks," Charles Schwab analysts said.
Comments
Comments are closed for this article.