Energy stocks lead an early decline on Wall Street; Oil down

AP News
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Posted: Oct 19, 2015 9:41 AM
Energy stocks lead an early decline on Wall Street; Oil down

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

News that China's economy grew at the slowest pace in six years helped send the prices of oil and other commodities lower Monday.

Chevron lost 1 percent, the most in the Dow Jones industrial average.

Materials makers also fell. Alcoa lost 2 percent and Freeport-McMoRan gave up 3 percent.

Morgan Stanley slumped 6 percent after reporting a sharp drop in quarterly earnings.

The Dow was down 68 points, or 0.4 percent, to 17,145 in early trading.

The Standard & Poor's 500 index declined nine points, or 0.4 percent, to 2,024. The Nasdaq composite lost 16 points, or 0.3 percent, to 4,870.

The price of oil fell 2 percent to $46 a barrel.