Comment
0
Tweet
0
Print
RSS Feeds

Energy stocks lead market lower in a broad slump

Wednesday - 4/17/2013, 12:00pm  ET

In this Tuesday, April 16, 2013, photo, specialist Paul Cosentino, left center, works at his post on the floor of the New York Stock Exchange. World stock markets were mixed Wednesday, April 17, 2013 with Asian stocks boosted by positive U.S. data while European shares fell over worries about Germany in the wake of a downbeat investor survey. (AP Photo/Richard Drew)

NEW YORK (AP) -- Another slump in crude oil prices is pushing energy stocks sharply lower on Wall Street, setting off a broad decline.

Weaker earnings from Bank of America and other companies also pushed the market lower.

Crude dropped another $2 to $87 a barrel, the lowest price since December, as expectations for global demand weaken. Chevron dropped 2 percent.

Bank of America fell 4 percent after reporting earnings that fell short of analysts' expectations.

The Dow Jones Industrial average was down 144 points, or 1 percent, to 14,610 as of noon Wednesday.

Other indexes fell even more.

The Standard & Poor's 500 dropped 24 points, or 1.5 percent, to 1,550. The Nasdaq fell 63 points, or 1.9 percent, to 3,201, weighed down by a 5 percent slump in Apple.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.