US Stocks Closed Sharply Lower Yesterday, With Energy Sector Leading The Losses

US stocks finished deep in the red yesterday, with losses pouring in close to the end of the session. Gains, led by positive economic reports, were erased in the late trading hours as tensions around Europe and BP’s incapability to control the oil spill started building up. The Dow Jones Industrial Average slipped 112.61 points, or 1.1%, to 10,024.02. Earlier, during the day, the index touched 10,218 before receding. The S&P 500 Index lost 18.70 points, or 1.72%, to 1,070.71. The Nasdaq Composite Index dropped 34.71 points, or 1.54%, to 2,222.33. Top decliners at the Dow included Alcoa Inc AA, which plunged 3.87%, and JP Morgan Chase & Company JPM, which fell 2.63%. Among the 10 industry groups of the S&P 500, the energy sector led the losses. Energy stocks that declined the most include BP PLC BP, which plummeted 14.97%, and Halliburton Company HAL, which dipped 14.82%. While talking about BP’s latest failure to deal with the oil disaster in the Gulf, Paul Nolte, managing director at Dearborn Partners, said, "Investors started the weekend with the anticipation that 'top kill' was going to work. Unfortunately we can't measure how much oil is being spewed into the Gulf, let alone what the economic impact is going to be.” Read more from Benzinga's Markets.