Oil prices, stocks fall sharply as recession worries grow

Stocks and oil prices slid Tuesday coming off Independence Day weekend, amplifying the losses of Wall Street’s dismal first half and offering more warning signs of a coming downturn. Crude fell below $100 a barrel for the first time since May.

The Dow Jones Industrial tumbled more than 560 points or 1.9 percent in afternoon trading. The S&P 500 index fell by 60 points or 1.6 percent at midday Tuesday, while the tech heavy-Nasdaq lost 49 points or 0.4 percent.