US stocks fall for second day as weak oil price weighs

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(Close): US shares closed lower for a second consecutive trading session on Monday after further falls in the price of oil hit energy firms' shares.

Brent crude fell 5.5% to $47.36 a barrel, and US crude dropped 5% to $45.90, both six-year lows.

The falls hit shares in major US oil firms, with Chevron down 2.2% and Exxon Mobil 1.9% lower.

The Dow Jones closed down 96.5 points to 17737.37, while the broader S&P 500 index dropped 16.6 points to 2028.26.

The tech-heavy Nasdaq fell 39.4 points to 4664.71.

"The market is nervous about lower energy prices and whether they are forecasting a slowdown in global economic growth," said Sam Stovall, chief investment strategist at S&P Capital IQ.

Shares in upmarket jeweller Tiffany plunged almost 14% after it cut its full-year earnings outlook.

The company reduced its full-year adjusted earnings forecast to $4.15-$4.20 a share from $4.20-$4.30 a share, and added that it expected "significant headwinds" from the strength of the US dollar.

For the two months to 31 December, Tiffany recorded net sales of $1.02bn, down 1% from a year earlier. Chairman and chief executive Michael J Kowalski said: "Clearly, sales for the holiday period were disappointing overall."