Stocks slump the most in 3 months on new China worries

Posted at 5:00 PM, Jan 07, 2016
and last updated 2016-01-07 17:00:30-05

NEW YORK (AP) — Stocks and oil prices plunged again on more worries about a slowdown in China, giving the market its worst drop in three months.

The price of oil sank to its lowest level in 12 years Thursday.

The steep drops in U.S. indexes continued what has been a dismal start to the 2016 for global markets.

Technology stocks have been some of the hardest hit. The tech-heavy Nasdaq composite has plunged 8 percent since Dec. 29.

The latest cause for worry was a weakening in China’s currency to its lowest level since March 2011.

The Dow Jones industrial average dropped 392 points, or 2.3 percent, to 16,514.

The Standard & Poor’s 500 index lost 47 points, or 2.4 percent, to 1,943. The Nasdaq fell 146 points, or 3 percent, to 4,689.