Energy & Metals drag down Wall Street & Footsie

Footsie dropped 2.57% on Monday due to the fall of energy and metal-related stocks. Other than Anglo American which gained almost 5%, other mining stocks ended significantly lower. Lonmin slashed 8.25%, Rio Tinto lost almost 4%, and Xstrata tumbled 6.8%. 

BP down 3.92%, while Total SA lost 3.59% as crude oil prices weigh down most energy stocks. Dow Jones Industrial Average (DJIA) lost as much as 2% by midday in New York and settled even lower by 2.35%. Alcoa dropped 8.91%, ConocoPhillips crashed 5.9%, Chevron -3.3%, and ExxonMobil -3.1%. Crude oil was traded down 4% to US$66.8 per barrel in New York on concerns about the economy and a strengthened US dollar. 

Freeport McMoRan tumbled 11.29% as copper prices hit its new low, while Teck Resources lost 11.9% and Newmont -4.8%. US coal giants like Arch Coal, Peabody Energy, and Consol Energy dropped 10.89%, 9.8%, and 10.34% respectively.

A broad sell-off hits bank stocks where Bank of America dropped 9.7%, while Citicorp declined 5.36%. JP Morgan, Morgan Stanley, UBS, and Goldman Sachs were all in correction mode.

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