Stocks Opened Lower as Oil Rout Resumed

U.S. stocks opened lower on Wednesday, led by energy plays as oil prices continued to slide. The Dow Jones Industrial Average lately fell 42.67 points, or 0.24%, to 17,678.31. The S&P 500 declined 5.77 points, or 0.28%, to 2,072.59. The Nasdaq Composite dropped 20.58 points, or 0.40%, to 5,087.35.

Crude prices slumped on Wednesday, pressured by fear of expanding crude inventories in the U.S. and vows by Saudi Arabia to meet any increase in global oil demand. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February dropped 91 cents, or 2.4%, to $36.96 a barrel, while February Brent crude on London’s ICE Futures exchange fell 74 cents, or 2%, to $37.05 a barrel.

Christine Lagarde, the head of the International Monetary Fund, has warned that 2016 will be a “disappointing” year for the world economy, voicing her fears over rising US interest rates and China’s faltering GDP growth.

Apple has agreed to pay Italy 318 million euros (about $350 million) in taxes for several past years and its future liabilities will be determined by an international ruling, prosecutors in Milan said Wednesday.

KaloBios, the troubled drugmaker taken over by Martin Shkreli last month, is seeking bankruptcy protection less than two weeks after his arrest on securities fraud.

Whole Foods Market Inc. agreed to pay $500,000 to settle an investigation that it overcharged customers for prepackaged food in New York City, resolving a spat that had hurt efforts to shed its “Whole Paycheck” image.