ECONOMY

More weakness in China and another slide in oil prices send US stocks sharply lower

  • Floor official Rudy Maas, center, works with traders on the floor of the New York Stock Exchange, Friday, Dec. 12, 2014. U.S. stocks opened lower Friday as the rout in oil continues and a report indicated that growth in China, the world's second-largest economy, continues to slow. (AP Photo/Richard Drew)

    Floor official Rudy Maas, center, works with traders on the floor of the New York Stock Exchange, Friday, Dec. 12, 2014. U.S. stocks opened lower Friday as the rout in oil continues and a report indicated that growth in China, the world's second-largest economy, continues to slow. (AP Photo/Richard Drew)  (The Associated Press)

  • Traders Jason Harper, left, and Frederick Reimer work on the floor of the New York Stock Exchange, Friday, Dec. 12, 2014. U.S. stocks opened lower Friday as the rout in oil continues and a report indicated that growth in China, the world's second-largest economy, continues to slow. (AP Photo/Richard Drew)

    Traders Jason Harper, left, and Frederick Reimer work on the floor of the New York Stock Exchange, Friday, Dec. 12, 2014. U.S. stocks opened lower Friday as the rout in oil continues and a report indicated that growth in China, the world's second-largest economy, continues to slow. (AP Photo/Richard Drew)  (The Associated Press)

  • Trader Michael Urkonis, center, works on the floor of the New York Stock Exchange, Friday, Dec. 12, 2014. U.S. stocks opened lower Friday as the rout in oil continues and a report indicated that growth in China, the world's second-largest economy, continues to slow. (AP Photo/Richard Drew)

    Trader Michael Urkonis, center, works on the floor of the New York Stock Exchange, Friday, Dec. 12, 2014. U.S. stocks opened lower Friday as the rout in oil continues and a report indicated that growth in China, the world's second-largest economy, continues to slow. (AP Photo/Richard Drew)  (The Associated Press)

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.