US stocks drop as oil hits new multi-year low

New York - US stocks on Monday opened a busy week of corporate earnings sharply lower as oil prices slumped to fresh multi-year lows.

At the closing bell, the Dow Jones Industrial Average stood at 17 646,08, down 91.29 points (0.51%).

The broad-based S&P 500 sank 16.23 (0.79%) to 2 028.58, while the tech-rich Nasdaq Composite Index tumbled 39.36 (0.84%) to 4 664.71.

European benchmark Brent oil closed below $50 a barrel for the first time since April 2009 following a gloomy petroleum-market forecast from Goldman Sachs.

Energy equities fell sharply, including Dow member Chevron and Marathon Oil, by 2.0% and 5.0%, respectively.

"The market is nervous about lower energy prices and whether they are forecasting a slowdown in global economic growth, and not just a supply-demand imbalance," said Sam Stovall, chief investment strategist at S&P Capital IQ.