Stocks slip, oil slides as US releases crude reserves

By DAMIAN J. TROISE and ALEX VEIGA
AP Business Writers

Stocks edged lower in afternoon trading on Wall Street Thursday and oil prices fell as President Joe Biden ordered the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve. The move to pump more oil into the market is part of an effort to control energy prices, which are up roughly 40% globally this year. The S&P 500 fell 0.3%, the Dow Jones Industrial Average fell 0.5%, and the Nasdaq fell 0.2%. The market is heading for a gain in March but it’s still on track to close out the first quarter lower.