Stocks Closed Broadly Lower, Dow Marked Worst Daily Point Plunge

U.S. stocks closed sharply lower on Monday, with the Dow plunged almost 1600 points, as investors continued to fret that the Federal Reserve could become more aggressive in raising interest rates. The Dow Jones Industrial Average fell 1,175.21 points, or 4.60%, to 24,345.75. The S&P 500 fell 113.19 points, or 4.10%, to 2,648.94. The Nasdaq Composite fell 27.423 points, or 3.78%, to 6,967.53.

Oil prices dropped on Monday, tracking a sharp drop in global stock markets, with a stronger dollar and rising U.S. crude production sending U.S. benchmark crude to its lowest finish in two weeks. March West Texas Intermediate crude fell $1.30, or 2%, to settle at $64.15 a barrel. Brent for April gave up 96 cents, or 1.4%, to $67.62 a barrel.

Arby’s completed its deal to buy Buffalo Wild Wings on Monday and created a new company named Inspire Brands that will run the chains. Inspire Brands will oversee Arby’s, Buffalo Wild Wings and a small chain with about 30 locations called R Taco.