Stocks Plunged as Oil Dropped Below $30

U.S. stocks ended the day with sharp losses on Friday, with the S&P 500 sinking to its lowest level since October 2014 and the Dow losing more than 500 points as oil prices sank below $30 per barrel. The Dow Jones Industrial Average fell 392 points, or 2.39%, to 15,988.08. The S&P 500 dropped 41.55 points, or 2.16%, to 1,880.29. The Nasdaq Composite was down 126.59 points, or 2.74%, to 4,488.42.

Oil prices crashed 6 percent on Friday to close below $30 a barrel for the first time in 12 years. Brent settled down $1.94, or 6.3 percent, at $28.94 a barrel. U.S. crude ended $1.78, or 5.7 percent, lower at $29.42, after hitting a contract low of $29.13, its lowest since November 2003, earlier in the session.

As the auto industry battles to win public confidence after several massive recalls, a group of 18 major carmakers announced on Friday that they have agreed to a voluntary program with the U.S. government to improve auto safety.

The Obama administration announced Friday it will temporarily halt new coal leases on federal lands until it completes a comprehensive review to determine whether fees charged to mining companies provide a “fair return” to taxpayers.