A Wall Street street sign is framed by a giant American flag hanging on the facade of the New York Stock Exchange, Tuesday, Sept. 8, 2015. U.S. stocks are opening solidly higher as traders come back from the Labor Day holiday. (AP Photo/Mary Altaffer)
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Dropping energy prices is a sign that the global economy is slowing down.
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 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.
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Sr. Editor, News
Dave Urbanski is a senior editor for Blaze News.
DaveVUrbanski
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