Overcast 56° Good Morning
Overcast 56° Good Morning

Stocks fall as oil hits lowest price since 2008

Stock indexes slid Wednesday, Jan. 6, 2016, as

Stock indexes slid Wednesday, Jan. 6, 2016, as the price of oil sank to the lowest since 2008. These traders were dealing with a major selloff at the New York Stock Exchange on Monday. Photo Credit: Craig Ruttle

U.S. stocks are closing sharply lower, led by a decline in energy stocks as the price of oil plunged to its lowest level since 2008. The price of crude closed below $34 a barrel Wednesday after more signs emerged that China’s huge economy is slowing down.

At the close on Wall Street, the Dow Jones industrial average had fallen nearly 252.2 points, about 1.5 percent, to 16,906.5. The Standard & Poor’s 500 index was down 26.5 points, about 1.3 percent, at 1,990.3, and the Nasdaq composite had given up 55.7 points, about 1.1 percent, to 4,835.8.

As the markets closed the price of U.S. benchmark crude oil was down $2, about 5.6 percent, at $33.97 a barrel in trading on the New York Mercantile Exchange.

Oil and gas stocks bore the brunt of the selling. Southwestern Energy dropped 13 percent and Marathon Oil sank 12 percent.

More news

Sorry to interrupt...

Your first 5 are free

Access to Newsday is free for Optimum customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.