Australian stocks are getting crushed

Bronze medalist Harrison Kimpton-Moss of Australia lies on the track after the 400m hurdles at the Commonwealth Youth Games in Apia, Samoa. Mark Kolbe/Getty Images

The Australian market fell hard.

All ten sectors were weaker, following losses on Wall Street where the S&P 500 closed down 1.39%.

On the local market, the major banks and the big miners quickly lost ground. Westpac was down 3.3% to $30.75 and BHP 2.9% to $23.93.

Energy stocks were down 3.5% after an overnight fall in the price of oil. Woodside was down 2.2% to $29.24 and Santos lost 4.6% to $4.45. LNG lost 12.6% to $2.08.

Harvey Norman was down more than 2% to $3.98 and Dick Smith 1.6% to $1.36.

Among the few stocks to gain ground, Qantas was up 0.28% to $3.55 on the prospect of lower fuel prices.

Atlas Iron jumped almost 10% after the iron ore miner revealed improving profit margins and better than expected export volumes. It later scaled back the gains to be up 3% to $0.032.

A short time ago, the ASX 200 was down more than 2.2%.

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