Crude Oil, Stock Market Take a Plunge

Dow loses 309 points, Nasdaq drops 111
By Newser Editors and Wire Services
Posted Dec 11, 2015 3:24 PM CST
Specialist Meric Greenbaum works at his post on the floor of the New York Stock Exchange, Friday, Dec. 11, 2015. Stocks are sharply lower in midday trading, led by more declines in energy and materials...   (Richard Drew)
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(Newser) – Another sharp drop in the price of oil prompted investors to dump stocks again, leaving the US market with its worst weekly loss since the summer. Oil and gas companies led stocks lower Friday, capping an ugly week. Southwestern Energy plunged 14% and Chesapeake Energy sank 9%. Investors sought refuge in bonds. Treasury prices rose, sending yields lower. The price of oil continued to fall as investors anticipated more oversupply just as global demand weakens.

US crude slumped 3% to $35 a barrel, the lowest price since early 2009. The Dow Jones industrial average lost 309 points, or 1.8%, to 17,265. The Standard & Poor's 500 gave up 39 points, or 1.9%, to 2,012. The Nasdaq declined 111 points, or 2.2%, to 4,933. (Read more stocks stories.)

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