New York -  Energy stocks are leading another sell-off on Wall Street Wednesday as the price of crude oil continues to plunge. Investors worry that the global glut in crude will cause deep damage to oil and gas companies and lead to more bankruptcies and layoffs in the sector. IBM sank after reporting another drop in revenue. Japan’s benchmark index, the Nikkei, entered a bear market.

KEEPING SCORE: The Dow Jones industrial average lost 353 points, or 2.2 percent, to 15,665 as of 10:17 a.m. Eastern time. The Standard & Poor’s 500 index fell 43 points, or 2.3 percent, to 1,838. The Nasdaq composite index sank 107 points, or 2.4 percent, to 4,369. The Dow and S&P are down 10 percent so far in January, and the Nasdaq is down 13 percent.

OIL DOWN AGAIN: Oil prices had already fallen to 12-year lows this week, and the price of U.S. crude has dropped more than 20 percent this year. On Wednesday benchmark U.S. crude gave up $1.21, or 4.3 percent, to $27.25 a barrel in New York. Brent crude, a benchmark for international oils, lost 99 cents, or 3.4 percent, to $27.77 a barrel in London. Heating oil and wholesale gasoline prices also decreased.

ENERGY KEEPS FALLING: Energy stocks were pelted. Devon Energy lost $2.16, or 9.2 percent, to $21.32 and Marathon Oil dropped 56 cents, or 7.3 percent, to $7.12.... Read More: VIN