Stocks took a big hit Monday with the Dow Jones Industrial Average falling over 300 points and the S&P 500 falling almost 2 percent.

Oil continues to fall and has fallen to its lowest level since April 2009. Crude oil closed at $50.04 a barrel after dropping below the $50 level earlier in the day.

The supply of oil in Russia and Iraq are as high as they have been in 35 years.

Demand for foreign oil has been dwindling and this has been causing prices to decline for the past month.

"There's no doubt that we have a combination of supplies hitting their zenith at a time when demand is weakening," Phil Flynn, analyst at Price Futures Group in Chicago told CNBC.

With an economy that has been showing such strength in recent months, oil's tumble and the fall of the Euro has caused investors to become weary.

The CBOE Volatility Index, which aims to measure investor uncertainity rose 12 percent to 19.92. When this index rises it means investors are not confident in the markets.

"It looks like the market is largely moving down in conjunction with oil prices, and there's still some fear out there on top it about about Greece possibly exiting the euro zone, and concern about Europe continuing to struggle," Matthew Kaufler, portfolio manager at Federated Investors told CNBC.

The Euro reached a nine-year low against the U.S. dollar at $1.19370.

Exxon Mobil and Chevron both reacted negatively to the fall in oil.

Stocks in Focus:

Exxon Mobil (XOM) shares were down $2.54 to $90.29. That is a 2.74 percent drop.

Chevron (CVX) shares were down 4 percent to close at $108.08.

Morgan Stanley (MS) shares were down $1.21 to close at $37.50. That is a 3.13 percent drop.

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