Stocks Plunged at Open as Oil, Fed Weighed

U.S. stocks opened sharply lower on Monday as falling oil prices, U.S. rate increase worries and a weak overseas backdrop weighed on investors. The Dow Jones Industrial Average lately dropped 276.81 points, or 1.71%, to 15,928.16. The S&P 500 fell 36.39 points, or 1.94%, to 1,843.66. The Nasdaq Composite was down 99.70 points, or 12.28%, to 4,263.45.

Crude oil prices fell on Monday because of lingering concerns over a supply overhang and after a Saudi-Venezuela meeting showed few signs that steps would be taken to boost prices. Global benchmark Brent futures were down 68 cents at $33.38 at 7.12 a.m. ET, while U.S. crude futures lost 81 cents to $30.08.

Former U.S. Treasury Secretary Timothy Geithner is preparing to borrow from JPMorgan Chase & Co. to help fund his new career in private equity. Geithner secured a credit line with JPMorgan to finance personal investments in funds started by his current employer, Warburg Pincus, according to a filing with the New York Department of State.

BioCryst Pharmaceuticals Inc. on Monday reported disappointing mid-stage study results for its drug to treat a rare genetic condition characterized by swelling of the face and airways.