US stocks tumble as oil prices drag energy companies down

NEW YORK (AP) — U.S. stocks are skidding Friday in a wave of selling that has wiped out most of the market’s gains from earlier this week. A drop in oil prices is taking energy companies sharply lower and banks are falling again as bond yields continue to shrink. A poll showing Britain may be more likely to leave the European Union is weighing on stocks as well.

KEEPING SCORE: The Dow Jones industrial average sank 156 points, or 0.9 percent, to 17,829 as of 2:48 p.m. Eastern time. The Standard & Poor’s 500 index fell 24 points, or 1.1 percent, to 2,091. The Nasdaq composite tumbled 72 points, or 1.5 percent, to 4,886. The S&P 500 reached an 11-month high this week and so did oil prices, but stocks quickly turned lower.

THE QUOTE: Eric Wiegand, senior portfolio manager for U.S. Bank’s Private Client Reserve, said investors are guessing at the outcome of the British referendum and the Federal Reserve’s meeting next week, as well as the impending U.S. presidential election.

“There’s just not a good way to handicap the outcome just yet,” he said.

ENERGY: U.S. crude shed $1.49, or 2.9 percent, to $49.07 a barrel in New York. Brent crude, the benchmark for international oil prices, fell $1.28, or 2.5 percent, to $50.56 a barrel in London. Gasoline, heating oil and natural gas prices also sank.

ConocoPhillips gave up $2.05, or 4.4 percent, to $44.52 and oilfield services company Schlumberger shed $1.47, or 1.8 percent, to $78.49.

BANKS STUMBLE: As they did Thursday, banks fell along with bond yields. Lower bond yields drive down interest rates on mortgages and other kinds of loans, and that makes them less profitable for banks. Citigroup sank $1.20, or 2.6 percent, to $43.81 and JPMorgan Chase lost 94 cents, or 1.5 percent, to $63.81.

Bond prices rose further and the yield on the 10-year U.S. Treasury note sank to 1.64 percent from 1.69 percent.

The drop in bond yields sent phone companies higher, as those stocks’ high dividend yields are comparable to bonds. Verizon Communications rose 58 cents, or 1.1 percent, to $52.53.

BREXIT TALK: A poll in London’s The Independent showed that 55 percent of British citizens want to leave the European Union. Some investors fear Britain’s economy will be damaged if it votes to leave the EU, and that other nations might follow Britain’s lead.

CONSUMER WOES: Consumer stocks also fell, with some of the sharpest losses going to big names. Amazon declined $11.52, or 1.6 percent, to $716.13 and Netflix slid $3.25, or 3.3 percent, to $93.84.

OUCH-FITTERS: Retailer Urban Outfitters slumped after it said sales at established stores are continuing to fall in the second quarter so far. Those sales are considered an important measurement of retailer performance. The company’s stock slid $1.65, or 5.9 percent, to $26.28.

BLOOD TEST: Global Blood Therapeutics climbed after it reported positive results from an early clinical study of its most advanced drug, a potential treatment for sickle cell disease. The company’s stock gained $3, or 13.5 percent, to $25.15.

CHEMICAL DEAL: Westlake Chemical Corp. said it will buy Axiall for $33 per share, or $2.33 billion. The agreement ends a takeover dispute that had lasted all year, and it will make one of the largest producers of chlorine, plastics and other chemicals. Axiall jumped $6.70, or 26 percent, to $32.51 and Westlake rose $1, or 2.2 percent, to $46.07.

BLOCK BOUNCES: Tax preparer H&R Block posted a bigger profit and more revenue than analysts expected, sending its stock up $2.76, or 12.8 percent, to $24.30.

TOSSING AND TURNING: Mattress Firm, the bedding maker behind Serta, Sealy, and other brands, reported a bigger loss and less revenue than expected and cut its estimates for the year. Its stock dropped $4.72, or 14.1 percent, to $28.86.

METALS: Gold rose $3.20 to $1,275.90 an ounce. Silver gained 6 cents to $17.33 an ounce. Copper fell 1 cent to $2.03 a pound.

OTHER ENERGY TRADING: Wholesale gasoline dropped 6 cents to $1.56 a gallon. Heating oil fell 4 cents to $1.52 a gallon. Natural gas lost 6 cents to $2.56 per 1,000 cubic feet.

CURRENCIES: The dollar fell to 106.67 yen from 106.83 yen late Thursday. The euro dipped to $1.1256 from $1.1331.