Falling oil prices


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This past Monday (1/05), the Dow Jones Industrial average fell by 331.34 points, while the Nasdaq composite fell by 74.24 points, as falling oil prices have continued to affect financial markets. As a result, investors are concerned about the market situation. However, most analysts and economists have stated that a decline in oil price will boost the economy due to energy cost reductions for industrial companies, while consumers will save money to use on consumer goods. On the other hand, there are also major drawbacks. Because of the sudden shocks in the financial market, some energy companies will go out of business, eventually costing jobs in the sector, as well as reducing the budget for plants and equipments over the long run.

www.crainsnewyork.com

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