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Stocks Slip, Oil Skids 6%

Chevron, Exxon each sink 3%
By Newser Editors and Wire Services
Posted Jan 25, 2016 3:19 PM CST
Stocks Slip, Oil Skids 6%
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.

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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%. (Read more stocks stories.)

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