It was a rough day for stocks. The S&P 500 fell to its lowest level since October, while the Dow Jones Industrial Average slid 315 points. Today’s losses were largely on the heels of low oil prices, which closed under $60 at $57.72, down 3.7%. Falling fuel prices also sent shares of oil companies sharply lower. Exxon Mobil and BP fell almost 3%, while Chevron closed down 2.4%. While hurting stocks, falling oil prices is giving consumers a bit more confidence. The Reuters/University of Michigan’s consumer confidence reading surged to 93.8 compared to an estimated 89.5. Looking into next week, investors will be watching the Federal Reserve’s meeting next week for more clarity on rate hikes. TheStreet’s Scott Gamm reports from New York.
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