TUESDAY, FEBRUARY 9, 2016:
U.S. stocks closed off their session lows on Monday amid a late rally in the energy sector.
The Dow Jones industrial average closed 177 points lower, with Goldman Sachs and Home Depot weighing the most on the index. The index, however, fell as much as 401.42 points on Monday. Chevron closed the session as the biggest advancer in the Dow. The S&P 500 dropped 1.4 percent, with financials and materials lagging. Energy, however, rose in late-afternoon trading, and closed as the only advancing sector. The Nasdaq composite shed over 3 percent at session lows and closed 1.8 percent lower, as Apple gained 1 percent.
U.S. stocks were sharply lower for most of Monday trading, as global growth concerns weighed on investors.
"I think it's worries that the global economy is slowing down more than expected and that's translating into lower oil prices," said Kate Warne, investment strategist at Edward Jones.
Crude prices resumed their downward trajectory, with WTI trading at $30.12 a barrel in after-hours down $.77. Last week, U.S. oil fell about 6 percent.
Gold futures for April delivery surged 3.47 percent to close at $1,197.90 an ounce, and broke above $1,200 for the first time since last June. The precious metal also recorded its best trading day since December 2014.
"The gold trade is signaling a retreat in global inflation," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "In times of economic stress ... gold acts as a store of value."
He also said that, in order to stem this sharp sell-off, "you're going to need for some tangible evidence that the global economy is not slowing down, and that's China."