Posted on 01/13/16
| News Source: VIN
New York - A bad start to 2016 for the stock market got even worse.
Stocks plunged Wednesday, bringing the widely watched Standard & Poor’s 500 index down 10 percent from its November peak.
The last time the market had a plunge that big, known as a “correction” on Wall Street, was last August.
Energy and consumer stocks bore the brunt of the selling. With crude oil trading near $30 a barrel, many fear more oil and gas companies will go bankrupt.
Netflix and Amazon, the market’s two biggest winners last year, took a beating.
The Dow Jones industrial average sank 364 points, or 2.2 percent, to 16,151.
The S&P 500 lost 48 points, or 2.5 percent, to 1,890.
The Nasdaq composite dropped 159 points, or 3.4 percent, to 4,526.