Stocks routed again as oil slide seems bottomless

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NEW YORK, NY - (Photo by Spencer Platt/Getty Images)

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 has been more than 300 points lower in morning trading.

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1 Comment

  • Fun stories

    The Dow goes down on sharp oil increases and down when oil drops.. Makes absolutely no sense. Dow should surge in cheap oil, who doesn’t love cheap oil except oil companies who have been raping us since 2001