Stocks Slip, Oil Skids 6%

Chevron, Exxon each sink 3%
By Newser Editors and Wire Services
Posted Jan 25, 2016 3:19 PM CST
Trader George Ettinger, right, works on the floor of the New York Stock Exchange, Wednesday, Jan. 20, 2016.    (AP Photo/Richard Drew)

(Newser) – US stocks are closing lower as the beleaguered energy sector took another blow from falling oil prices, the AP reports. Chevron and Exxon Mobil each fell 3% Monday, among the biggest losses in the Dow Jones industrial average. The price of crude oil dropped nearly 6% 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%, to 15,885. The Standard & Poor's 500 index lost 29 points, or 1.6%, to 1,877. The Nasdaq composite gave up 72 points, or 1.6%, to 4,518. Bond prices rose. The yield on the 10-year Treasury note fell to 2.01%.

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