NEW YORK — Stocks turned sharply higher Monday just ahead of Tuesday's Federal Reserve meeting,after a sharp drop at the end of last week on mounting concerns about the stability of the credit markets.The Dow erased Friday's losses,and had its biggest daily percentage advance since June 2003.The Dow Jones industrial average jumped 286.87 points,or 2.18 percent,to end at 13,468.78.The Standard & Poor's 500 Index climbed 34.61 points,or 2.42 percent,to 1,467.67.The Nasdaq Composite Index advanced 36.08 points,or 1.44 percent,to 2,547.33.
NEW YORK — Oil prices fell more than 5 percent Monday,the biggest slide since December 2004,as concern about the U.S.economy rippled through financial and commodity markets.U.S.crude settled down $3.42 at $72.06 a barrel before extending losses in electronic trade to $3.88,or more than 5 percent.It was the biggest fall since December 27,2004,when an unusual warm spell undercut U.S.heating demand.