U.S. Stocks Tumble As Oil Falls To 7-year Lows

U.S. stocks snapped a three-day winning streak, as oil prices dropped to their lowest levels in nearly seven years. Energy and materials sectors sold off sharply, but losses were broad-based. The main indexes erased gains from the previous two sessions. On Wednesday, stocks rallied following the first increase of benchmark interest rates by the Federal Reserve in nearly a decade. The S&P 500 closed 31.18 points or 1.5% lower at 2,041.89. The Dow Jones Industrial Average dropped 253.25 points or 1.4% to 17,495.84. The Nasdaq Composite ended the day down 68.58 points or 1.4%, at 5,002.55.