NEW YORK (CBSNewYork/AP) – The Dow Jones industrial average closed 334 points lower on Thursday than the day before, in what amounted to the worst drop of the year.

The drop to 16,659.25 was led by declines in energy companies as the price of crude oil sinks.

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The Standard and Poor’s 500 fell 40 points, to 1,928. The Nasdaq composite fell 90 points to 4,378.

Energy stocks dropped as the price of crude oil fell again on concerns about slowing global economic growth, while oil production remains high. U.S. crude fell $1.58 to $85.73 a barrel. Exxon Mobil fell the most in the Dow.

As CBS 2’s Dana Tyler reported, there are larger concerns about the volatility of the market and a talk of a correction that could drag the market even lower.

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On Wednesday, the Dow climbed 274 points, and on Tuesday, it fell almost that much.

Stocks had jumped Wednesday after minutes from the Federal Reserve’s latest meeting indicated the central bank was in no hurry to raise interest rates.

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