Oil prices plunge as other sectors edge up

Associated Press

NEW YORK

Oil prices and energy companies plunged Thursday, but other stocks didn’t move much as investors waited for more signs about the state of the economy.

Household goods makers and health care companies rose after some solid company earnings reports. Most other parts of the market made little gains, but energy companies took sharp losses as the price of crude oil fell almost 5 percent. That was its biggest one-day loss in about two months.

“We may be seeing signs that global production is strong, and whenever markets see a decline in oil prices, they worry it’s actually an indication of weak demand,” said Kate Warne, an investment strategist for Edward Jones. Warne said oil prices have slipped recently because of an accumulation of concerns about rising energy production in the U.S. and slower economic growth in both the U.S. and China.

Health care stocks didn’t react much to the narrow passage in the House of Representatives of a bill intended to roll back much of former President Barack Obama’s health care law.