U.S. stock prices were down in Monday’s trading, as investors worried about the falling price of oil, slowing growth in China and troubles in the financial sector.

At one point, the Dow was off 2 percent, the NASDAQ slid 1.9 percent and the S&P 500 dropped 1.8 percent.  European stocks also took a beating, with the CAC-40 in Paris and the DAX in Frankfurt falling 3 percent, and the FTSE in London dropping nearly 2.6 percent.

Earlier, major Asian indexes posted gains.  Japan’s NIKKEI advanced 1.1 percent and Hong Kong’s Hang Seng moved up nearly 0.6 percent.

The current state of the U.S. economy as well as the outlook for interest rate increases, growth and unemployment, are on the agenda Wednesday and Thursday when Federal Reserve Chair Janet Yellen testifies before key congressional committees.  

Treasury Secretary Jack Lew will also speak to members of Congress about President Barack Obama’s budget and other economic issues this week.

Additionally, investors will be assessing new data on retail sales, unemployment insurance claims and consumer sentiment.
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