Stocks sink as investors fret about election, oil prices

Stocks dipped Wednesday amid growing anxiety about the presidential election and sinking oil prices.

The Dow Jones industrial average dropped 39 points, or roughly 0.2 percent by Wednesday afternoon. The Nasdaq composite dipped 34.7 points, or 0.67 percent, and the Standard & Poor’s 500 index fell just under 10 points, 0.45 percent.

{mosads}Republican presidential nominee Donald Trump has cut into Hillary Clinton’s national polling lead with less than a week until Election Day. That development has unsettled investors who had been expecting Clinton to win the race easily.

Even so, the Democrat has maintained her lead in states critical to Trump’s chances of winning the White House.

Declining oil prices also fueled Wednesday’s stock slide. Crude oil briefly slipped beneath $45 per barrel, dropping 3 percent after a government report revealed a drastic, unexpected increase in reserves.

Investors are also waiting to hear when the Federal Reserve could hike interest rates. The central bank will release a statement at 2 p.m. but is expected to hold off on a hike until December.