NEW YORK (AP) – U.S. stocks are opening sharply lower, led by steep declines in energy companies as the price oil takes another tumble.
The price of oil sank below $30 Friday a barrel and is trading at the lowest level since 2003.
The sharp slump in crude from over $100 a barrel in the summer of 2014 has eviscerated energy company profits and made it much harder for them to pay off their debts.
- Sponsors -
Intel dropped as earnings from its PC business continue to slump.
The Dow Jones industrial average plunged 347.79 points, or 2.12 percent, to 16,031.26 as of 9:52 a.m. Eastern time.
The Standard & Poor's 500 index fell 42 points, or 2.2 percent, to 1,879. The Nasdaq fell 117 points, or 2.5 percent, to 4,499.
- Partner Content -
