Stocks and oil prices plunged again on more worries about a slowdown in China, giving the market its worst drop in three months. The Dow Jones industrial average dropped 392 points, or 2.3%, to 16,514 Thursday. The Standard & Poor's 500 index lost 47 points, or 2.4%, to 1,943. The Nasdaq fell 146 points, or 3%, to 4,689.
The price of oil sank to its lowest level in 12 years Thursday. The steep drops in US 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% since Dec. 29. The latest cause for worry was a weakening in China's currency to its lowest level since March 2011.