can /biz/ explain to me why the market is hurting so much from the drop in oil? Lower prices means more quantity demanded, and more people can buy other stuff because of lower costs. And why is the Nasdaq tanking too?
People think that the drop in oil is what's causing the slump, but it's actually just a symptom. Global production has slowed down dramatically, especially in emerging markets, resulting in decreased demand for commodities like oil. Oil just got hit particularly hard because there's a tremendous glut in supply compounding the problem. The markets aren't hurting because of the drop in oil prices, oil prices are hurting in part because of a global downturn in production.