Global stocks routed again as oil slide seems bottomless
Posted January 20, 2016 6:00 am
NEW YORK (AP) - Energy stocks are leading another sell-off on Wall Street as the price of oil continues to plunge.
U.S. crude dropped 2 percent to just under $28 a barrel in New York early Wednesday. Dropping energy prices is a sign that the global economy is slowing down.
Oil and gas stocks fell more than the rest of the market in early trading. Chesapeake Energy sank 8 percent and Devon Energy fell 7 percent.
IBM dropped 6 percent after the struggling tech giant reported another drop in revenue.
The Dow Jones industrial average lost 280 points, or 1.8 percent, to 15,731.
The Standard & Poor's 500 index fell 31 points, or 1.7 percent, to 1,849. The Nasdaq composite gave up 74 points, or 1.7 percent, to 4,402.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.