Global 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.

Traders and visitors depart after the closing bell of the New York Stock Exchange on September 16, 2013 in New York City. The Dow Jones Industrial Average traded up 119 points, closing at 15,495. Five years after the beginning of the financlial crisis, Wall Street has more than recovered its losses, although unemployment nationwide remains high. Credit: Getty Images
Getty Images

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 lost 280 points, or 1.8 percent, to 15,731.

The Standard & Poor’s 500 index fell 31 points, or 1.7 percent, to 1,849. The Nasdaq composite gave up 74 points, or 1.7 percent, to 4,402.