Energy stocks lead an early decline as oil price slumps

AP News
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Posted: Sep 11, 2015 9:41 AM
Energy stocks lead an early decline as oil price slumps

NEW YORK (AP) — Energy stocks are leading an early decline on Wall Street as the price of oil takes another turn lower.

U.S. crude sank 3 percent in early trading in New York Friday after the International Energy Agency forecast that oil supplies from non-OPEC countries are expected to plunge next year.

Drilling and other energy companies were among the biggest decliners in early trading. Rig operator Transocean fell 3.4 percent.

The Dow Jones industrial average fell 68 points, or 0.4 percent, to 16,264 in early trading.

The Standard & Poor's 500 lost seven points, or 0.4 percent, to 1,944. The Nasdaq gave up 17 points, or 0.4 percent, to 4,779.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.19 percent.