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US stock market slides as oil price sinks further

NEW YORK (AP) — The U.S. stock market is sharply lower at midday as the rout in oil prices continues and a report shows more signs of weakness in China.

Materials stocks led the declines in trading Friday.

The Dow Jones industrial average dropped 229 points, or 1.3 percent, to 17,366 as of noon Eastern.

The Standard & Poor’s 500 index fell 22 points, or 1 percent, to 2,012. The Nasdaq slid 30 points, or 0.6 percent, to 4,678.

Oil prices fell after the International Energy Agency said global oil demand in 2015 will grow less than previously forecast. The price of crude tumbled $ 2.37 to $ 57.58 a barrel in New York.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.09 percent.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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