Dow -58.86 at 8570.82, Nasdaq -17.42 at 1523.30, S&P -6.56 at 873.17
[BRIEFING.COM] Stocks move sharply lower as losses extend in several sectors. Telecom is off 3.3%, down more than any other sector, while financials are off 2.7%.
Energy (+1.9%) and materials (+0.9%) are holding on to their gains, however. They are the only two sectors still trading in the green.
In commodities, the energy complex is higher ahead of this week's OPEC meeting, with addditional help from a weaker dollar.
January crude oil has recently climbed $2.43 to $48.71 per barrel; it briefly topped the $50 level. The move comes as reports indicate the cartel is expected to cut production by at least 2 million barrels-per-day. January natural gas is +$0.217 at $5.705.
A weaker dollar has helped bolster prices, as measured by the Dollar Index. The Dollar Index is down 1.5%, which is a considerable drop in a single session. The greenback is still up 7.5% year-to-date.
In metals, February gold is showing some luster. The precious metal is up $8.30 to $828.80 per ounce. Meanwhile, March silver is up $0.115 to $10.345 per ounce.
