A rout in crude oil prices hammers the stock market
Another sharp drop in the price of oil prompted investors to dump stocks again, leaving the U.S. 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 percent and Chesapeake Energy sank 9 percent.
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.
U.S. crude slumped 3 percent to $35 a barrel, the lowest price since early 2009.
The Dow Jones industrial average lost 309 points, or 1.8 percent, to 17,265.
The Standard & Poor’s 500 gave up 39 points, or 1.9 percent, to 2,012. The Nasdaq declined 111 points, or 2.2 percent, to 4,933.
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