Stock Market Takes a Beating
Dow ends day down 364
By Newser Editors and Wire Services
Posted Jan 13, 2016 3:21 PM CST
Trader George Ettinger, right, works on the floor of the New York Stock Exchange, Wednesday, Jan. 13, 2016. U.S. stocks are opening higher, led by gains in oil and gas companies as the price of crude...   (Richard Drew)
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(Newser) – A bad start to 2016 for the stock market got even worse. Stocks plunged Wednesday, bringing the widely watched Standard & Poor's 500 index down 10% from its November peak. The last time the market had a plunge that big, known as a "correction" on Wall Street, was last August. The S&P 500 lost 48 points, or 2.5%, to 1,890 Wednesday. The Dow Jones industrial average sank 364 points, or 2.2%, to 16,151. The Nasdaq composite dropped 159 points, or 3.4%, to 4,526.

Energy and consumer stocks bore the brunt of the selling. With crude oil trading near $30 a barrel, many fear more oil and gas companies will go bankrupt. Netflix and Amazon, the market's two biggest winners last year, took a beating.