PITTSBURGH (AP) — U.S. stocks are sharply lower, led by steep declines in energy companies as the price of oil takes another tumble.
The price of oil sank below $30 a barrel Friday and is trading at its lowest level since 2003.READ MORE: Allegheny County Awarded $21.8M Grant To Help Reduce Homelessness
The sharp slump in crude from over $100 a barrel in the summer of 2014 has eviscerated energy company profits and made it much harder for them to pay off their debts.
Intel dropped 9 percent as earnings from its PC business continue to slump.READ MORE: Pennsylvania Supreme Court Chief Justice Outlines Plans To Step Down
The Dow Jones industrial average plunged 373 points, or 2.3 percent, to 16,003 as of 11:45 a.m. Eastern time.
The Standard & Poor’s 500 index fell 47 points, or 2.5 percent, to 1,873. The Nasdaq composite fell 144 points, or 3.25 percent, to 4,469.MORE NEWS: Pittsburgh Police Investigating Multiple Overnight Gas Station Armed Robberies
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