Oil prices, stocks fall sharply as recession worries grow
Posted on AllSides July 5th, 2022
From The Left
Julia Nikhinson/AP
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.
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