S&P Market News Update

U.S. stocks suffered their worst declines in about two months on Wednesday as a renewed slump in oil prices slammed energy companies while investors fretted that a stunning drop in oil prices signals a more worrisome global-economic slowdown.

The S&P 500 SPX, -1.64%  index fell 33.68 points, or 1.6%, to 2,026.14, its biggest one-day percentage drop since Oct 13.

Forex Market Update

The dollar surged against rival currencies backed by oil-dependent economies as the commodity plunged to new lows Wednesday.

The dollar USDNOK, -0.02%  traded at 7.17 krone Wednesday afternoon, slightly below a six-year high reached earlier in the session. It traded at 7.11 krone Tuesday afternoon. It USDRUB, -0.26%  hit another record high against the ruble, rising to 54.90, compared to 54.18 Tuesday afternoon.

The greenback USDCAD, -0.16%   traded at 1.15 Canadian dollars, just below a five-and-a-half year high. It traded at $1.14 Tuesday.

The dollar USDJPY, +0.19%  fell to 117.99 yen, its lowest level in nine days. It traded at ¥119.40 Wednesday afternoon.

The euro EURUSD, +0.06%  traded at $1.24, holding on to Wednesday’s gains against the dollar.

Gasoline Market Update

Gasoline for January delivery RBF5, +0.64%  fell 8 cents, or 4.8%, to end at $1.6418 a gallon on Nymex. That was gasoline’s lowest settlement since September 2009.

Nymex January heating oil HOF5, +0.95%  declined 4 cents, or 1.8%, to finish at $2.0464 a gallon. That was heating oil’s lowest finish since September 2010.

January natural gas NGF15, -0.03%  bucked the trend to rise 5 cents, or 1.5%, to $3.7060 per million British thermal units. Natural-gas futures have gained for two consecutive sessions.