U.S. stocks are sharply lower, led by steep declines in energy companies as the price oil takes another tumble.

The price of oil sank below $30 a barrel Friday and is trading at its lowest level since 2003.

The sharp slump in crude from over $100 a barrel in the summer of 2014 has eviscerated energy company profits and made it much harder for them to pay off their debts.

Intel dropped 9 percent as earnings from its PC business continue to slump.

The Dow Jones industrial average slid 390 points to 15,988 at the close of trading.

This story will be updated.


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