NEW YORK (AP) — It was a sour start to 2014 for the stock market.
After hitting record after record in 2013, U.S. stocks slumped on the first day of trading of the New Year on Thursday. A sharp drop in the price of oil helped drag energy stocks lower.
Technology stocks lost ground after analysts published gloomy notes on companies in the sector. Apple fell 1.4 percent after Wells Fargo cut its outlook on the stock.
The Dow Jones industrial average lost 135 points, or 0.8 percent, to close at 16,441.
The Standard & Poor's 500 index fell 16 points, or 0.9 percent, to 1,831. The Nasdaq composite lost 33 points, or 0.8 percent, at 4,143.
The S&P 500 index rose almost 30 percent in 2013, its best year since 1997.