US stocks slump a day after biggest gain of year

This Oct. 8. 2014 photo shows a Wall Street address carved into the side of a building in New York. U.S. stocks were solidly lower in early trading Thursday, Oct. 9, 2014, pruning back some of the gains from a massive rally the day before. Gap shares plunged after the company announced its CEO was retiring. (AP Photo/Mark Lennihan)

By Associated Press October 9, 2014 1 min read

NEW YORK (AP) – U.S. stocks are falling sharply, led by declines in energy companies as the price of crude oil sinks.

The Dow Jones industrial average dropped 313 points, or 1.9 percent, to 16,682 as of 1:13 p.m. Eastern time Thursday.

The Standard and Poor’s 500 fell 38 points, or 1.9 percent, to 1,930. The Nasdaq composite fell 86 points, or 1.9 percent, to 4,381.

Energy stocks dropped as the price of crude oil fell again on concerns about slowing global economic growth, while oil production remains high. U.S. crude fell $1.58 to $85.73 a barrel. Exxon Mobil fell the most in the Dow.

Stocks had jumped Wednesday after minutes from the Federal Reserve’s latest meeting indicated the central bank was in no hurry to raise interest rates.