Energy and financial companies led a broad decline for U.S. stocks in midday trading Friday as the slump in the price of oil worsened, pulling crude below $30 a barrel.
The Dow Jones industrial average was down more than 400 points, extending its losses for the year. Discouraging data on retail sales and manufacturing also weighed on the market.
KEEPING SCORE: The Dow Jones industrial average slid 430 points, or 2.6 percent, to 15,948 as of 12:08 p.m. Eastern Time. The Standard & Poor’s 500 index fell 54 points, or 2.8 percent, to 1,867. The Nasdaq composite dropped 157 points, or 3.4 percent, to 4,457. The Dow and S&P 500 have now fallen more than 8 percent this year, while the Nasdaq is off nearly 11 percent.
THE QUOTE: “Oil is the root cause of today,” said Dan Farley, regional investment strategist at the Private Client Reserve at U.S. Bank. “People are uncertain, and when they’re uncertain they’re scared.”