NEW YORK (AP) - Falling oil prices pushed U.S. stocks down broadly on Monday, extending losses into a second week.
European stocks also fell, and the Russian ruble plunged to a record low against the dollar as the continuing collapse in the price of oil reverberated through global financial markets.
A brief rally after trading opened in the U.S. vanished as crude oil continued a six-month slide that has slashed its price nearly in half. Global demand for oil has been waning just as supplies are becoming more abundant.
The stock losses in the U.S. were modest, but markets in Germany and France fell more than 2 percent. The Russian ruble plunged, sending stocks sharply lower there, too. After U.S. markets closed, Russia's central bank dramatically hiked a key interest rate in an effort to stop the ruble from dropping further.
The Standard & Poor's 500 fell 12.70 points, or 0.6 percent, to 1,989.63. All 10 industry sectors in the index dropped. The losses followed a 3.5 percent drop in the S&P 500 last week, its biggest decline since May 2012.
A solid report on U.S. manufacturers and some merger news helped jolt markets higher after the open, but the gains evaporated after an hour as crude prices fell. The oil slump is worrying investors because it hammers the profits of drillers and other oil companies that are big components in stock indexes.
The Dow Jones industrial average fell 99.99 points, or 0.6 percent, to 17,180.84. The Nasdaq composite lost 48.44 points, or 1 percent, to 4,605.16.