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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