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Stocks slump, give up Wednesday gains

Federal Reserve Chair Janet Yellen explains the

Federal Reserve Chair Janet Yellen explains the Fed's decision to raise a key interest rate on Wednesday, Dec. 16, 2015, during a Washington news conference. Stocks ended the day with a strong rally, but slipped in early trading Thursday. Photo Credit: AP / Richard Drew

LONDON

U.S. stocks slumped Thursday as the market gave back all of its big gain from the day before. Steep drops in energy prices and metals Thursday pulled down the stocks of oil and gas producers and mining companies.

At the close on Wall Street, the Dow Jones industrial average had fallen 253 points, about 1.4 percent, to 17,495. The Standard & Poor’s 500 index lost 31 points, about 1.5 percent, to 2,041, and the Nasdaq composite lost 68 points, about 1.4 percent, at 5,002.

The price of the Jan. 16 contract on U.S. benchmark crude oil was down 65 cents at $34.87 a barrel in trading on the New York Mercantile Exchange.

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