ECONOMY

US stock market turns lower; oil extends drop, 10-year Treasury yield falls below 2 percent

  • Specialist Michael Pistillo, left, trader Edward Schreier, right, on the floor of the New York Stock Exchange Tuesday, Jan. 6, 2015. The U.S. stock market is edging higher in early trading as the price of oil extends its slump. (AP Photo/Richard Drew)

    Specialist Michael Pistillo, left, trader Edward Schreier, right, on the floor of the New York Stock Exchange Tuesday, Jan. 6, 2015. The U.S. stock market is edging higher in early trading as the price of oil extends its slump. (AP Photo/Richard Drew)  (The Associated Press)

  • Specialist Mario Picone, right, works at his post on the floor of the New York Stock Exchange Tuesday, Jan. 6, 2015. The U.S. stock market is edging higher in early trading as the price of oil extends its slump. (AP Photo/Richard Drew)

    Specialist Mario Picone, right, works at his post on the floor of the New York Stock Exchange Tuesday, Jan. 6, 2015. The U.S. stock market is edging higher in early trading as the price of oil extends its slump. (AP Photo/Richard Drew)  (The Associated Press)

  • Traders gather at a post on the floor of the New York Stock Exchange Tuesday, Jan. 6, 2015. The U.S. stock market is edging higher in early trading as the price of oil extends its slump. (AP Photo/Richard Drew)

    Traders gather at a post on the floor of the New York Stock Exchange Tuesday, Jan. 6, 2015. The U.S. stock market is edging higher in early trading as the price of oil extends its slump. (AP Photo/Richard Drew)  (The Associated Press)

Stocks are extending a slump from the day before as the price of crude oil continues to slide.

Crude fell sharply in midday trading Tuesday and is now well below $50 a barrel.

That has traders worried that the global economy may be slowing and that energy companies could slash their spending and cut jobs as revenue dwindles.

The Dow Jones industrial average lost 146 points, or 0.8 percent, to 17,353 as of 11:45 a.m. Eastern time Tuesday. It fell 331 the day before.

The Standard & Poor's 500 index fell 17 points, or 0.9 percent, to 2,003. The Nasdaq composite fell 57 points, or 1.2 percent, to 4,597.

Oil fell $1.84 to $48.20 a barrel.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.92 percent.