Stocks tank as oil hits $30 a barrel

Stock Market Downturn

The Dow dropped 250 points on Monday morning as oil prices hit the $30 a barrel price point.

The tech-heavy Nasdaq sunk by 2.3% and is preparing to close at its lowest level since October 2014. The S&P 500 was also down 1.6% and off by 9.5% on the year.

Wall Street is under growing pressure as oil prices continue to sink. Oil was down 2% on Monday, sinking below $30 a barrel.

While cheap oil is great for prices at the pump, it continues to alarm investors who worry about far reaching implications such prices have on the national and global marketplace.

Among the worst performing stocks on the market are energy firms. ConocoPhillips and Hess were down another 2% on Monday morning.

A mere 2% is nothing when compared to Williams Companies and Chesapeake Energy, the two energy stocks are down between 25% and 30% today.

US markets are also skittish as European banks continues to slump.

Bespoke Investment Group warned of “market fears over the solvency — profitability, liquidity and stability — of the European banking system.” The firm appears most worried about the huge rise in the cost to insure European bank debt.

The Nasdaq is now down nearly 15% on the year, while the Dow is down about 8%.

If you are investing in gold you’re probably having a great 2016. Gold prices are up 12% in 2016 and jumped by 2% on Monday to $1,185 an ounce.