Home » NEWS » Banking & Finance » Stocks plunge along with price of oil; Dow off 500 points

Stocks plunge along with price of oil; Dow off 500 points

NEW YORK  — Another plunge in the price of crude oil sent the stock market sharply lower.

Oil and gas companies led the way down Wednesday as sliding oil prices threatened even more damage to the battered energy sector.

Chevron fell 7 percent, the most in the Dow Jones industrial average.

The price of U.S. crude oil sank 7 percent and is trading at its lowest level since May 2003.

The Dow dropped 520 points, or 3.2 percent, to 15,549 as of 12:30 p.m. Eastern time.

The Standard & Poor’s 500 index lost 63 points, or 3.4 percent, to 1,817. The Nasdaq lost 150 points, or 3.4 percent, to 4,325.

U.S. indexes are down 10 percent or more since the beginning of the year.

Bond prices rose as investors shifted money out of stocks.

BEFORE YOU GO…

… we’d like to ask for your support. More people are reading the Mississippi Business Journal than ever before, but advertising revenues for all conventional media are falling fast. Unlike many, we do not use a pay wall, because we want to continue providing Mississippi’s most comprehensive business news each and every day. But that takes time, money and hard work. We do it because it is important to us … and equally important to you, if you value the flow of trustworthy news and information which have always kept America strong and free for more than 200 years.

If those who read our content will help fund it, we can continue to bring you the very best in news and information. Please consider joining us as a valued member, or if you prefer, make a one-time contribution.

Click for more info

About Associated Press

Leave a Reply

Your email address will not be published. Required fields are marked *

*