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Energy sector leads another decline in stocks as oil falls

6 years 3 months 1 week ago Tuesday, February 02 2016 Feb 2, 2016 February 02, 2016 11:00 AM February 02, 2016 in News
Source: Associated Press
By: Ken Sweet

NEW YORK - Energy companies are leading the stock market lower as prices for oil and natural gas take another tumble.

Bank stocks are also getting beaten down Tuesday as investors worry they could suffer fallout if loans to oil and gas companies go bad.

Several stocks were also moving on earnings news, many of them lower. Royal Caribbean plunged 16 percent after its revenue missed estimates.

The Dow Jones industrial average dropped 232 points, or 1.4 percent, to 16,217 as of 11:45 a.m. Eastern time.

The Standard & Poor's 500 index lost 26 points, or 1.4 percent, to 1,913. The Nasdaq composite gave up 56 points, or 1.2 percent, to 4,563.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.88 percent.

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