Stock Market Takes Another Plunge, Closing Down Nearly 400 Points

Some experts are saying the price of oil is very low and in some places even cheaper than water.
1:38 | 01/16/16

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Transcript for Stock Market Takes Another Plunge, Closing Down Nearly 400 Points
A Wall Street stocks in a free fall today the Dow closing down nearly 400 points wild swings at one point dal more than 500 points. Experts this evening pointing to one major factor driving all of this the price of oil. Already a very tough start to be here for Americans and their savings is there more to come. ABC's tube and it is at the New York Stock Exchange tonight. Tonight a nightmare on Wall Street all major US markets in a free fall today. The Dow dropping over 500 points before closing down 390. The NASDAQ finishing down two point 7% and the S&P down two point 1% so far this year the Dow losing 547. Billion dollars. Leading the way down financial stocks. And energy. What oil trades lower yes there's that benefit that gas prices are gonna go down. But most likely you do have an oil stock in your divers or portfolio and those prices are going to be affected by that that falling oil. Price a gallon of oil now cheaper than a bottle of water in some places. So what does that mean triggered nest day the average 401K of 92000 dollars has already lost 7500. Dollars in value since the beginning of. A year one thing they shouldn't do with their 401 k.'s it's fried and trade them in and out of a falling market because just as soon as the market falls on a day like this. It made shop once again and you'll look missed out on that. And David traders I spoke with here today say this up and down. May actually be healthy for the market to sort of stabilize those stock prices. But no doubt these are scary times for traders and investors date do you giddiness on Wall Street tonight you thank you.

This transcript has been automatically generated and may not be 100% accurate.

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