NEW YORK, N.Y. – U.S. stocks are closing lower, extending losses from last week.
The price of crude oil continued to drop Monday, and Russia’s ruble plunged to a record low against the dollar.
The Dow Jones industrial average fell 100 points, or 0.6 per cent, to 17,180.
The Standard & Poor’s 500 index fell 12 points, or 0.6 per cent, to 1,989. The Nasdaq composite lost 48 points, or 1 per cent, to 4,605.
Russia’s ruble plunged 13 per cent against the dollar. The falling price of oil, which is the chief source of Russian exports and tax revenue, has weighed heavily on the currency.
The price of U.S. benchmark crude oil sank $1.90, or 3.3 per cent, to $55.91 a barrel. Oil has fallen by nearly half since June.