Energy stocks lead a decline after oil price sinks

AP News
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Posted: Dec 12, 2014 9:41 AM

NEW YORK (AP) — U.S. stock indexes are opening lower following more signs of weakness in China and another slide in oil prices.

Energy and materials stocks led the declines in early trading Friday. United Technologies lost the most in the Dow Jones industrial average.

The Dow Jones industrial average declined 68 points, or 0.4 percent, to 17,528 as of 9:35 a.m. Eastern.

The Standard & Poor's 500 dropped eight points, or 0.4 percent, to 2,027. The Nasdaq fell 12 points, or 0.3 percent, to 4,696.

Oil prices fell after the International Energy Agency said global oil demand in 2015 will grow less than previously forecast.

The price of crude fell $1.23 to $58.72 a barrel in New York.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.12 percent.