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U.S. stocks suffered their worst declines in about two months on Wednesday as a renewed slump in oil prices slammed energy companies while investors fretted that a stunning drop in oil prices signals a more worrisome global-economic slowdown.
The S&P 500 SPX, -1.64% index fell 33.68 points, or 1.6%, to 2,026.14, its biggest one-day percentage drop since Oct 13.
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The dollar surged against rival currencies backed by oil-dependent economies as the commodity plunged to new lows Wednesday.
The dollar USDNOK, -0.02% traded at 7.17 krone Wednesday afternoon, slightly below a six-year high reached earlier in the session. It traded at 7.11 krone Tuesday afternoon. It USDRUB, +0.00% hit another record high against the ruble, rising to 54.90, compared to 54.18 Tuesday afternoon.
The dollar USDJPY, +0.35% fell to 117.99 yen, its lowest level in nine days. It traded at ¥119.40 Wednesday afternoon.
The euro EURUSD, +0.02% traded at $1.24, holding on to Wednesday’s gains against the dollar.
The ICE U.S. Dollar Index DXY, +0.02% a measure of the greenback’s strength against a trade-weighted basket of six rival currencies, was down 0.49% to 88.26.
January platinum PLF5, +0.58% dropped $4.20 to $1,242.60 an ounce, while March palladium PAH5, -0.29% gained $9.80, or 1.2%, to $821.40 an ounce.
High-grade copper for March delivery HGH5, +0.29% dropped 3 cents, or 1.2%, to $2.89 a pound.
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January natural gas NGF15, -0.05% bucked the trend to rise 5 cents, or 1.5%, to $3.7060 per million British thermal units. Natural-gas futures have gained for two consecutive sessions.
Gasoline for January delivery RBF5, +0.73% fell 8 cents, or 4.8%, to end at $1.6418 a gallon on Nymex. That was gasoline’s lowest settlement since September 2009.
Nymex January heating oil HOF5, +0.90% declined 4 cents, or 1.8%, to finish at $2.0464 a gallon. That was heating oil’s lowest finish since September 2010.
