After The Bell: Stocks Plunge On Wall Street As Oil Dips Below $30

By Andy Giersher

(CBS) -- Stocks plunged on Wall Street Wednesday as declining crude oil prices and global economic uncertainty weighed on financial markets ahead of some key earnings reports. All three of the major indices finished down more than two percent for the session. The S&P 500 lost 48, the NASDAQ fell 160 and the Dow Jones industrial average shed nearly 365 points, settling to 16,151.

"I think it is really just a re-valuation right now, an easy Fed with an aggressive monetary policy over the last several years had allowed investors to become complacent with the level of risk they have. We haven't really seen fair value in the equity market since early in 2014," says Jack Ablin, chief investment officer at BMO Private Bank.

He adds that he currently sees value in emerging markets, commodities and high yield bonds.

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