Slumping energy sector leads a broad sell-off in US stocks
May 26, 2015, 1:36 PM
Trader Peter Tuchman, left, works the post that handles Time Warner Cable on the floor of the New York Stock Exchange, Tuesday, May 26, 2015. Charter Communications is buying Time Warner Cable for $55.33 billion, creating another U.S. TV and Internet giant. (AP Photo/Richard Drew)
(AP Photo/Richard Drew)
NEW YORK (AP) — The stock market had its worst day in three weeks as traders worried about Greece’s debt problems and a surge in the value of the U.S. dollar.
Energy stocks fell more than the rest of the market Tuesday as the price of crude oil slumped. Transocean and Allegheny Technologies each fell 4 percent.
The Dow Jones industrial average dropped 190 points, or 1 percent, to 18,041.
The Standard & Poor’s 500 index gave up 21 points, also 1 percent, to 2,104. The Nasdaq composite declined 56 points, or 1.1 percent, to 5,032.
Oil fell $1.69, or 2.8 percent, to $58.03 a barrel in New York.
Time Warner Cable rose 7 percent after agreeing to be acquired by Charter Communications.
The dollar rose against the Japanese yen and the euro.
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