Stocks fell sharply Wednesday, as energy and materials stocks were particularly hard hit by a sell-off in oil and gasoline futures.
"Commodities are getting crushed here, and it's taking the whole market with it," said David Rovelli, managing director of U.S. equity trading at Canaccord Adams.
The Dow Jones industrial average slid 130 points, or 1%, to end at 12,630. The blue-chip index had been down as much as 179 points. The S&P 500 fell 15 points, or 1.1%, to 1,342; and the Nasdaq Composite shed 27 points, or 0.9%, to end at 2,845.
Shares of Chevron and Exxon Mobil were among the biggest laggards on the Dow as oil plunged nearly 6% to $100 a barrel. Gasoline futures also got hammered, tumbling 8% to $3.11 a gallon.
The selling intensified after the Energy Department's weekly inventory report showed a surprise build in gasoline supplies.
The drop in energy prices also drove down shares of energy firms Halliburton, Cabot Oil and Tesoro, among others.
Precious metals were also selling off, with silver sinking $3.26, or 8.5%, to $32.22 an ounce. And gold fell $13.40, or 0.9%, to $1,503.50 an ounce. Copper was also getting caught up in the selling mayhem, with prices sinking 3.5%. That spilled over to minerÂ stocks, including Freeport McMoRanÂ and Teck Resources. Traders also pointed to weakness in the euro as part of the reason commodities were under pressure. The dollar gained strength amid growing concerns about Greece's debt problems.Angry Birds comes to Web
The world's most popular cranky avians are about to land in your Web browser.
On the second day of Google's I/O developers conference in San Francisco, Google and RovioÂ Mobile announced that wildly popular smartphone and tablet game Angry Birds will be available on the Web via Google's Chrome browser starting Wednesday.
"We've wanted to bring Angry Birds to the Web for a long time," said Peter Vesterbacka, Rovio'sÂ chief marketing officer. "The reason we've been so angry is we haven't been able to do it until now. We think Chrome is great environment for Angry Birds."
Vesterbacka said Angry Birds chose Chrome as its first Web partner because Google's browser has the right combination of modern browser features, including hardware acceleration, HTML 5, in-app payments and a Web store through which the game can be downloaded.
Angry Birds went live in the Chrome Web store Wednesday, with special levels only available in the Chrome version of the game. The current beta version of the game is free, without the ads found in its Android mobile version. That may change as the app develops.
- CNNMoney.com writers David Goldman and Ken Sweet contributed to this report.
Oilman, as I said before that is what they are conditioning us to believe, that 5 dollars a gallon is cheap, the fact is though that anything above a couple of dollars a gallon is pure profit for the oil industry, no other business can get away with such outrageous profits except perhaps colleges and insurance companies.
Oilman, By the way your absolutely wrong about the percentage as part of income too. My father made 30000 a year in the fifties and sixties and only paid 30 to 50 cents a gallon, I make around 33000 a year and pay 4.00 a gallon so your fuzzy math is way off.
It is hilarious people are sooo simple! but you are. .drive less duh!
SFIO -..Just bought 100,000 shares at .032 This is a stock to watch out for ..Rumor has it Undisclosed Tabacco company has there eyes on this stock for a buyout!!!! WATCH SFIO ***********************
Uhhhh, dan smith, you father obviously had a WAY better job than you do. I don't know what 30,000 in the 50's translates to today's dollar, but I think it's a whole lot more than 33,000 dollars. Perhaps YOUR math is a little fuzzy.
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