Falling oil prices drag US stock market lower

AP News
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Posted: Oct 02, 2014 12:02 PM
Falling oil prices drag US stock market lower

NEW YORK (AP) — Energy companies are leading a broad decline in the stock market as the price of oil heads lower.

U.S. indexes are heading for a fourth straight decline, leaving the market on track for its worst week since early August.

The Dow Jones industrial average was down 93 points, or 0.6 percent, to 16,710 as of noon Eastern time Thursday. It dropped 238 points the day before.

The Standard & Poor's 500 index fell 14 points, or 0.8 percent, to 1,931. The Nasdaq composite fell 40 points, or 0.9 percent, to 4,381.

Energy stocks fell the most as the price of crude oil slid.

Spice maker McCormick rose 2 percent after reporting earnings and revenue that came in ahead of what analysts were expecting.