Stocks slide as oil tumbles, S&P lowest in almost 2 years

NEW YORK (AP) — U.S. stocks slumped Wednesday as the price of oil suffered its worst one-day drop since September, and the Standard & Poor's 500 index fell to its lowest level in almost two years.

Investors are worried that low oil prices mean there's not that much demand for fuel.

James Liu, global market strategist for JPMorgan Funds, said demand for oil hasn't fallen off and the global economy remains relatively healthy.

While companies started shutting down drilling rigs and wells in late 2014 after prices started to decline, production of oil didn't change much.

Liu predicted production will keep falling and oil prices will stabilize in the middle of 2016, then start rising.

Banks have lent billions of dollars to energy companies to fund their work, and investors are worried the banks won't get their money back.

Financial stocks were also hit because banks could lose billions on loans to oil and gas companies.

Gold and U.S. government bonds, traditional safe havens, rose in value as investors shifted money out of stocks.

Spirit Airlines said its profit margins will be stronger than expected and costs for aircraft rent, maintenance and other items will be smaller.

The plunge in energy prices has also helped airlines save money on jet fuel.