U.S. stocks fell sharply on Monday, with benchmarks retreating from records and the energy sector slammed as the price of crude fell below $63 a barrel for the first time since July 2009.
“We’re seeing a last gasp pullback in energy, and that 13 percent of the S&P 500 that is represented by energy companies,” said Art Hogan, chief market strategist at Wunderlich Securities.
“Over the near term, it’s a big help for the consumer, who haven’t had any income or wage growth in a while. If it trades below $60 for months, I would think that would be problematic,” Bruce Bittles, chief investment strategist at RW Baird & Co., said of crude’s ongoing decline.
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