Dow Plunges 392
S&P 500, Nasdaq also sharply down
By Newser Editors and Wire Services
Posted Jan 7, 2016 3:23 PM CST
Trader Jeffrey Vazquez works on the floor of the New York Stock Exchange, Thursday, Jan. 7, 2016. U.S. stocks are opening sharply lower as worries intensify about China's economy and dropping oil prices....   (Richard Drew)
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(Newser) – 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.