Source: blogs.wsj.com - Monday, January 05, 2015 U.S. stocks are tumbling on heavy volume , adding to steep losses in Europe, amid renewed fears Greece may exit the eurozone and further declines in oil prices. Major averages are near session lows, staging a steady slide lower all day. The Dow Industrial Average is down as many as 335 points in Monday trade – the worst day for the blue-chip index since October 15. Big oil stocks Exxon Mobil Corp. and Chevron Corp. are collectively shaving off about 50 points from the index. Companies with significant international exposure, like Caterpillar Inc. and 3M Co. , are weighing too. The Dow is off 3.2% from its recent high. Greece’s stock market closed at its lowest level in more than two years , shedding 5.6% after Prime Minister Antonis Samaras warned the debt-ridden country could default and leave the eurozone should the opposition party Syriza win the Jan. 25 election. Alexis Tsipras, who heads Syriza, threatened over the weekend to end German-led austerity. The Euro hit a nine-year low versus the U.S. dollar amid mounting expectations the European Central Bank (ECB) will deploy a similar version of quantitative easing (QE) via purchasing sovereign debt. Such a move by the ECB would come as the U.S. is set to tighten monetary policy and raise rates. WTI Crude briefly slipped below $50 , falling to a five-and-a-half-year low, as supply continues to expand and global demand cools. Citigroup cut its full-year price target for the commAll Related | More on Europe
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