US stocks slump amid global selloff

New York (AFP) –


US stocks fell sharply in opening trade Thursday, joining a rout in global markets as economic fears deepened following another drop in oil prices.

Five minutes into trade, the Dow Jones Industrial Average stood at 15,667.31, down 247.43 points (1.55 percent).

The broad-based S&P 500 dropped 26.37 (1.42 percent) to 1,825.49, while the tech-rich Nasdaq Composite Index shed 56.24 (1.31 percent) to 4,227.36.

US oil prices continued to fall, opening in New York below $27 a barrel.

Concerns about falling oil prices, related to China's slowing economy and the global slowdown, are roiling markets.

Analysts also cited remarks from Federal Reserve Chair Janet Yellen on Wednesday that highlighted rising worries about the global economy but also kept alive the possibility of additional interest rate increases in 2016.