Dow plunges amid oil sell-off

Stocks plummet further. — (Image credit: Spencer Platt/Getty Images)

The Dow Jones industrial average tumbled more than 500 points Wednesday, continuing its recent slide. The S&P 500 also dropped more than 3.5 percent, below its 2014 low. Reuters reports the number of new lows on the New York Stock Exchange has now surpassed the August 2011 total of 1,345, hitting numbers not seen since November 2008.

The stock market's plummet follows the continuing decline of oil prices, which have now reached their lowest levels in over 12 years and are expected to continue falling following the lifting of sanctions on Iranian crude oil exports. Early Wednesday, U.S. crude oil dropped to under $28 a barrel.

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Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.