US stock market turns lower; oil extends drop, 10-year Treasury yield falls below 2 percent
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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.
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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.
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Bond prices rose. The yield on the 10-year Treasury note fell to 1.92 percent.