Stocks drop after crude oil prices touch $130 per barrel
Stocks fell sharply on Wall Street after another big leap for oil prices threatened to squeeze inflation’s grip on the global economy.
The S&P 500 on Monday fell 3 per cent, its biggest drop in 16 months, after a barrel of US crude surged to nearly $120 on the possibility that Washington could bar imports from Russia. Overseas markets also fell, taking their cue from oil’s movements.
Oil prices had gone as high as $130 a barrel. Gold and a measure of nervousness on Wall Street also rose. The Dow Jones Industrial Average lost 2.4 per cent and the tech-heavy Nasdaq gave up 3.6 per cent.
