LONDON: The US stock market has suffered its biggest one-day drop in nearly four years, driven by growing fears about a slowdown in China.
The Dow Jones industrial average tumbled by 530.94 points, or 3.1%, to 16,459.75 – below the psychologically important 17,000 points.
It comes after a day of big losses abroad – the FTSE 100 in London ended the week 2.8% down, Germany’s DAX fell 2.9% and the Shanghai Composite in China dropped 4.3%.
Tokyo’s Nikkei 225 index plunged 3% and Hong Kong’s Hang Seng Index fell 1.5%.
Markets began falling last week after China announced a surprise devaluation of its currency, the yuan.
