Global stock markets slide, oil falls below $30 a barrel
NEW YORK - U.S. stocks are sharply lower, led by steep declines in energy companies as the price oil takes another tumble.
The Dow industrials lost about 400 points in the first ten minutes of trading.
The price of oil sank below $30 Friday a barrel and is trading at the lowest level since 2003.
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 as earnings from its PC business continue to slump.