Stocks Selloff: Dow Plunges More Than 500 Points on Sliding Oil Prices

January 20, 2016 5:53 PM

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Stocks Selloff: Dow Plunges More Than 500 Points on Sliding Oil Prices

Another 5 percent plunge in the price of crude oil on Wednesday sent stocks sharply lower, with the Dow Jones industrial average down more than 500 points -- or more than 3 percent -- in early afternoon trading.

At 1:30 p.m. ET, the Dow Jones industrial average was off 505.61 points, or 3.16 percent; the Standard & Poor's 500 index was down 55.83 points, or 2.91 percent -- near its lowest point since 2014 -- with the Nasdaq Composite showing a loss of 112.36 points, or 2.51 percent.

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