Stocks routed again as oil slide seems bottomless
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.