Stocks slip as oil skids 6 percent, hitting energy companies
By MARLEY JAY, Associated Press
Jan 25, 2016 3:06 PM CST
Morning commuters pass plowed snow on Wall Street in front of Federal Hall in New York's Financial District, Monday, Jan. 25, 2016. U.S. stocks are slipping Monday morning as energy prices retreat from a rally late last week. Mining and materials stocks are slumping as paper and packing companies lost...   (Associated Press)

NEW YORK (AP) — U.S. stocks are closing lower as the beleaguered energy sector took another blow from falling oil prices.

Chevron and Exxon Mobil each fell 3 percent Monday, among the biggest losses in the Dow Jones industrial average.

The price of crude oil dropped nearly 6 percent to $30 a barrel in New York.

Plunging oil prices have been decimating profits at energy companies and getting investors worried that the global economy is slowing down.

The Dow average slumped 208 points, or 1.3 percent, to 15,885.

The Standard & Poor's 500 index lost 29 points, or 1.6 percent, to 1,877. The Nasdaq composite gave up 72 points, or 1.6 percent, to 4,518.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.01 percent.