US stocks open lower as oil slides, hurting energy stocks
NEW YORK (AP) — US stocks opened lower Monday, led by declines in energy stocks as the price of oil plunged again. The euro sank to a nine-year low against the dollar as new doubts surfaced about Greece’s future in the common currency bloc.
The Standard & Poor’s 500 index dropped 17 points, or 0.8 percent, to 2,041 as of 9:48 a.m. Eastern. The Dow Jones industrial average fell 132 points, or 0.7 percent, to 17,705. The Nasdaq composite dropped 31 points, or 0.7 percent, to 4,695.
Oil prices extended a slide that began in June last year. Benchmark U.S. crude was down $1.91 at $50.76 a barrel on the New York Mercantile Exchange. The contract dropped 58 cents to $52.69 on Friday. Oil is down from $107 a barrel in June as global demand slackened while supplies remained high.
Energy stocks led declines in the S&P 500, dropping 1.9 percent. Chevron fell $2.5, or 2.2 percent, to $110.11 and Exxon Mobil dropped $1.43, or 1.5 percent, to $91.41.