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January 05, 2015 05:09 PM

Monday Evening Business Brief

  • Oil prices plunged deeper today, and that has driven stocks sharply lower. Energy companies led the decline, but the losses were broad with traders worrying that oil's fall is an indication of a weaker global economy. The Dow lost 331 points, or 1.9 percent, to 17,501.65. The S&P 500 fell 37.62 points, or 1.8 percent, to 2,020.58. The Nasdaq fell 74, or 1.6 percent, to 4,652.57.
  • Oil prices still haven't found bottom. For the first time in more than five years, they dropped below $50 a barrel today before settling just above that threshold at $50.04, down $2.65 for the day. The price of oil has been falling since last summer amid mounting evidence that the world is oversupplied thanks, in part, to increased U.S. production.
  • There's renewed speculation that Greece could leave the eurozone. Der Spiegel magazine reports that Germany is willing to let Greece leave the currency union if Athens decides to renege on the terms of its bailout loans. The left-wing Syriza party is leading in polls ahead of elections scheduled for later this month. It has proposed tearing up Greece's bailout agreement with other eurozone governments and the International Monetary Fund.
  • SpaceX is making another supply run to the International Space Station for NASA. But it's the rocket's return - not its takeoff - that has space fans talking. Minutes after tomorrow morning's planned launch from Cape Canaveral, the first stage of the unmanned Falcon rocket will aim for a vertical test landing on a barge in the Atlantic. SpaceX chief Elon Musk predicts a 50-50 chance of success at best. But he says flying back boosters would allow them to be reused and save money.
  • The son of a founding partner at the hedge fund Wainscott Capital has been arrested for his father's murder. New York City police say 30-year-old Thomas Gilbert Jr. was arguing with his father about money when he fatally shot him yesterday afternoon. Detectives say the crime scene in Thomas Gilbert Sr.'s Manhattan apartment was staged to look like a suicide. The elder Gilbert was 70 years old.
  • Business
  • Economy/Stocks
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