BUSINESS

Energy stocks lead the way lower on Wall Street as the prices of crude oil continues to drop

04/17/2013 12:01 EDT | Updated 06/17/2013 05:12 EDT
NEW YORK, N.Y. - Another slump in crude oil prices is pushing energy stocks sharply lower on Wall Street, setting off a broad decline.

Weaker earnings from Bank of America and other companies also pushed the market lower.

Crude dropped another $2 to $87 a barrel, the lowest price since December, as expectations for global demand weaken. Chevron dropped 2 per cent.

Bank of America fell 4 per cent after reporting earnings that fell short of analysts' expectations.

The Dow Jones Industrial average was down 144 points, or 1 per cent, to 14,610 as of noon Wednesday.

Other indexes fell even more.

The Standard & Poor's 500 dropped 24 points, or 1.5 per cent, to 1,550. The Nasdaq fell 63 points, or 1.9 per cent, to 3,201, weighed down by a 5 per cent slump in Apple.