US stocks are closing sharply lower, led by a decline in energy stocks as the price of oil plunged to its lowest level since 2008. The price of crude closed below $34 a barrel Wednesday after more signs emerged that China's huge economy was slowing down. Oil and gas stocks bore the brunt of the selling. Southwestern Energy dropped 13% and Marathon Oil sank 12%. The Dow Jones industrial average gave up 252 points, or 1.5%, to 16,906. It was down more than 300 points earlier. The Standard & Poor's 500 index lost 26 points, or 1.3%, to 1,990, its lowest close since early October. The Nasdaq composite fell 55 points, or 1.1%, to 4,835. (More Dow Jones stories.)