Stocks Ended Sharply Lower ahead of Fed Decision

U.S. stocks ended sharply lower on Monday ahead of a big Fed decision. The Dow Jones Industrial Average tumbled 507.53 points, or 2.11%, to 23,592.98. The S&P 500 declined 54.01 points, or 2.08%, to 2,545.94. The Nasdaq Composite fell 156.93 points, or 2.27%, to 6,753.73.

Oil futures declined Monday, with U.S. prices below $50 a barrel and marking their lowest settlement in more than a year. January West Texas Intermediate crude fell $1.32, or 2.6%, to settle at $49.88 a barrel. February Brent lost 67 cents, or 1.1%, to $59.61 a barrel.

Oracle Corp. (ORCL)’s quarterly results topped Wall Street estimates. The company reported fiscal second-quarter net income of $2.33 billion, or 61 cents a share, compared with $2.21 billion, or 52 cents a share, in the year-ago period. Revenue declined to $9.56 billion from $9.59 billion in the year-ago quarter.