Stocks plunge as oil drops below $50 mark

US crude oil WTI dipped below the symbolic $50 a barrel mark for the first time since April 2009 on fears of a supply glut and weak demand, while Brent Crude crashed below $53 a barrel. This helped pushed the FTSE down 2% to 6,417, while the German Dax was 3% lower and the French Cac dropped 3.3% on Monday. In the US, the Dow Jones and S&P 500 shed 1.9% and 1.8% respectively, with shares in oil giant Exxon falling by 2.7%.  Fears over the upcoming Greek election, which prompted dramatic declines in the value of the euro, have also weighed on equity markets. Meanwhile, retaile...