Oil companies should no longer be valued by their reserves. New drilling technologies like fracking and horizontal drilling mean oil companies operate more like advanced manufacturers, which have much higher price-earnings ratios.
The Dow lost 108 points to close at 11401 as investors worried that Greece will default on its loans.
Stock market was down early Wednesday afternoon, with the traders worried about the US debt limit. Still, Tuesday's strong gains left the three major indexes of the stock market in positive territory for the month.
Stocks rise to highest levels since 2008. Dow gains 490 points for the month of April. S&P is up nearly 38 points.
The Dow gained about 187 points, with the S&P 500 and Nasdaq rising sharply, too