Stocks are getting crushed

After opening higher on Wednesday, stocks are nosediving in late afternoon trading.

Near 2:34 p.m. ET, the Dow was down 341 points, the S&P 500 was down 46 points, below 1,900, and the Nasdaq was down 151 points. The Nasdaq’s drop was most pronounced, by about 3%, while the other two indexes were down about 2%.

Crude oil also fell after an early rally, with Brent crude, the international benchmark, falling below $30 per barrel for the first time since April 2004.

Stocks opened higher for trading on Wednesday as crude oil made a rebound from the lows it reached in the previous session.

Crude oil was up nearly 3%, rising to as high as $31.55 per barrel, after falling to a 12-year low below $30 on Tuesday. It was the first time in eight trading sessions that oil was higher, with the commodity now down about 15% for the first few days of 2016.

China has been the other big story of the year so far and a major dampener on markets. But we actually got some good news on Wednesday, as China’s trade surplus was reported to have widened last month to $60 billion amid a recovery in exports.

Here’s how the major indexes performed into late-afternoon trading:

More to come …

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