US stocks hit lowest levels since 2014 as oil prices slump

NEW YORK (AP) -- Another plunge in the price of crude oil sent stocks sharply lower on Wednesday.

Energy companies led the way down Wednesday. Chevron fell 6 percent, the most in the Dow Jones industrial average.

The price of U.S. crude oil sank 7 percent and is trading at its lowest level since May 2003.

The Dow was down 422 points, or 2.6 percent, to 15,590 as of 11:45 a.m. Eastern time.

The Standard & Poor's 500 index dropped 52 points, or 2.8 percent, to 1,828, its lowest level in more than a year.

The Nasdaq composite lost 122 points, or 2.7 percent, to 4,353.

Major U.S. indexes are down 10 percent or more since the beginning of the year.

Bond prices rose as investors shifted money out of stocks.

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