US stocks fall as oil crash hits Exxon; Dow down 1.5 per cent

US stocks tumbled early today as ExxonMobil and other petroleum companies reported weak earnings due to the oil rout.

But Google parent Alphabet rose 4.1 per cent to surpass Apple as the world’s most valuable company after reporting a five per cent rise in fourth-quarter earnings to $4.92 billion.

About 45 minutes into trade, the Dow Jones Industrial Average was at 16,196.54, down 252.64 points (1.54 per cent).

The broad-based S&P 500 fell 26.97 (1.39 per cent) to 1,912.41, while the tech-rich Nasdaq Composite Index shed 52.83 (1.14 per cent) at 4,567.53.

Dow member ExxonMobil fell 2.8 per cent after reporting a 58 per cent drop in fourth-quarter earnings to $2.8 billion.

US shares of BP tumbled 8.7 per cent after the British oil giant reported a sharp drop in fourth-quarter profits and a 2015 loss of $6.5 billion

Mid-sized oil producer Anadarko Petroleum rose about 0.5 per cent after reporting a $1.3 billion loss for the fourth quarter.

The sell-off in US equities followed even deeper declines in European stock markets. Analysts said another drop in oil prices today was responsible for the poor sentiment.

Dow member Pfizer declined 0.5 per cent as it reported a 50 per cent drop in fourth-quarter earnings to $613 million due to higher expenses and the strong dollar.

Mattel surged 11.6 per cent after reporting fourth—quarter net income of $215.2 million, up 10.8 per cent from the year-ago level and better than expected.

Worldwide sales of its iconic “Barbie” doll rose one per cent.

Royal Caribbean Cruises sank 13.0 per cent after it projected 2016 earnings of $5.90—$6.10 per share, below the $6.27 expected by analysts. Rival firm Carnival fell 6.6 per cent.

Yahoo fell 2.4 per cent on a report that the technology company plans to cut 15 per cent of its workforce, or 1,600 jobs.

After better-than-expected earnings, Dow Chemical rose 1.7 per cent, UPS gained 1.3 per cent and Michael Kors vaulted 16.3 per cent.