NEW YORK (AP) — A drop in energy stocks is dragging the market lower following a government report that consumers and businesses are trimming use of oil and gas.
A jump in energy supplies last week is stirring worries Thursday that the economy will struggle to recover. Oil fell below $77 a barrel.
The drop in energy erased early gains from technology stocks, which rose after 3Com Corp. agreed to a $2.7 billion takeover by Hewlett-Packard Co. and as Intel Corp. said it would pay $1.25 billion to Advanced Micro Devices Inc. to settle legal disputes.
At midday, the Dow Jones industrial average is down 53 at 10,238. The Standard & Poor's 500 index is down 7 at 1,092. The Nasdaq composite index is down 8 at 2,159.
