U.S. stocks finished lower on Monday, topping off a wild ride that had the Dow Jones Industrial Average trading in a more than 300-point range on either side of neutral as investors monitored the price of oil.
“Everyone keeps saying how great lower energy prices are, but it’s the major global growth story that is at risk,” said Peter Boockvar, chief market analyst at the Lindsey Group.
“Japan, Europe and Russia are geographies that are struggling, with the U.S. on a relative basis looking like a superstar. But with the gravitational pull on U.S. growth rates and earnings, coupled with a stronger U.S. dollar, 2015 estimates are under re-evaluation, that’s in part what markets are telling us now,” said Jim Russell, portfolio manager at Bahl & Gaynor.
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