US stocks are broadly lower, led by a drop in energy sector

Staff Writer
Columbus CEO

NEW YORK (AP) — U.S. stocks are mostly lower as traders return from the Memorial Day holiday.

Energy stocks fell more than the rest of the market Tuesday as the price of crude oil fell.

Transocean, Valero Energy and Allegheny Technologies each fell 3 percent.

The Dow Jones industrial average slumped 168 points, or 0.9 percent, to 18,063 as of 11:45 a.m. Eastern time.

The Standard & Poor's 500 lost 17 points, or 0.8 percent, to 2,107. The Nasdaq declined 55 points, or 1.1 percent, to 5,033.

Benchmark U.S. crude slumped $1.63, or 2.7 percent, to $58.09 a barrel in New York.

Time Warner Cable rose 4 percent after the company agreed to be acquired by Charter Communications for $55 billion.

The dollar rose against the Japanese yen and the euro.