Stocks tumble and oil sinks as storm clouds gather over global economy
CNN
Investors hoping for an easy Christmas week could be sorely disappointed as stocks and oil prices tumble in the face of growing threats to the global economy.
Dow futures fell 575 points — or more than 1.6% — by 5 a.m. ET on Monday, while benchmark Brent crude was down about 3% at $71 a barrel. Major stock market indexes in Europe and Asia fell by around 2%, although the Shanghai Composite fared slightly better, drawing modest support from a Chinese interest rate cut.
Two factors appeared to be driving the sharp sell-off.
The Republican-led House Select Subcommittee on the Coronavirus Pandemic on Thursday morning will send a letter to US Attorney General Merrick Garland referring a potential criminal case involving former New York Democratic Gov. Andrew Cuomo to the Department of Justice, alleging he lied to Congress.