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U.S. stocks were clobbered Monday in an indiscriminate sell-off triggered by a renewed plunge in crude oil prices and surging dollar, which left the Dow and the S&P with their worst losses since October.
The S&P 500 SPX, -1.83% closed off session lows but still suffered its largest one-day decline in three months. The index also suffered its longest losing streak in a 12-month period, falling for the fourth-straight session. The benchmark index lost 37.62 points, or 1.8%, to 2,020.58.
The euro stabilized Monday during North American morning trade after falling to its lowest level in nine years despite a weak reading on German inflation for December, as investors bought euros to lock in profits.
The euro EURUSD, +0.13% fell as low as $1.18 against the U.S. dollar in early trading Monday — its lowest level since March 2006 — and was last trading above $1.19.
The euro’s weakness has been exacerbated by the U.S. dollar’s broad-based strength, which has pressured currencies across the board. The ICE U.S. Dollar Index, a measure of the greenback’s strength against a trade-weighted basket of currencies, DXY, -0.08% rose to a nine-year high Wednesday as investors globally bet on a recovery in the U.S. economy.
The British pound GBPUSD, +0.08% recovered to $1.525 Monday, after hitting a 17-month low of $1.51 earlier in the session.
February natural gas NGG15, +1.84% fell 12 cents, or 4%, to $2.8820 per million British thermal units. That was natural gas’s lowest finish since Sept. 24, 2012.
February heating oil HOG5, +0.41% declined 4.7 cents, or 2.6%, to $1.7492 a gallon, its lowest since Sept. 29, 2009. Both gasoline and heating-oil futures have declined for three straight sessions.
Gasoline for February delivery RBG5, -3.43% fell 5 cents, or 3.6%, to settle at $1.3814 a gallon on Nymex. That was gasoline’s lowest settlement since April 1, 2009.
Oil futures fell Monday, stretching their losing streak to a third session and hitting their lowest levels in more than five years on concerns over a surging U.S. dollar and nagging worries of growing oil supplies.
Sweet crude for delivery in February CLG5, +0.32% fell $2.65, or 5%, to settle at $50.04 a barrel on the New York Mercantile Exchange. Prices traded as low as $49.77 a barrel earlier in the session.
February Brent on London’s ICE Futures exchange LCOG5, +0.32% declined $3.31, or 5.9%, to end at $53.11 a barrel, the lowest settlement since May 1, 2009. Brent has lost 8.3% over the past three sessions.
