US stocks fall as oil plunges; Dow Jones Industrial Average down by 1.56%

New York, Jan 21: US stocks slumped after wild swings as a further decline in oil prices continued to weigh on investor sentiment.

The Dow Jones Industrial Average tumbled 249.28 points, or 1.56 percent, to 15,766.74. The S&P 500 dipped 22.00 points, or 1.17 percent, to 1,859.33, Xinhua news agency reported.

The Nasdaq Composite Index fell 5.26 points, or 0.12 percent, to 4,471.69.

Oil prices refreshed their multi-year lows on Wednesday, dragged down by a global supply glut.

The West Texas Intermediate for February delivery settled at $26.55 a barrel on the New York Mercantile Exchange, its lowest level since May 2003.

Investors turned to safe haven assets, such as sovereign bonds and gold, as global stock markets are in full retreat. (IANS)