U.S. Stocks Sink, Energy Shares Drags Major Indexes Lower
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Crude oil’s slide below $50 sent the Standard & Poor’s 500 Index to its biggest drop since October, as selling spread from the energy industry amid concern that cuts in capital spending will hurt earnings.
Energy shares in the S&P 500 plunged 4 percent as West Texas Intermediate sank to the lowest since April 2009. Exxon Mobil Corp. lost 2.7 percent and Chevron Corp. retreated 4 percent. Caterpillar Inc. declined 5.3 percent and an index of railroad stocks lost 3.2 percent on concern that the energy slump may hurt spending on capital equipment and crude transportation.