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Dow Plunges 500 Points; Two-Day Drop Biggest Since '08 Financial Crisis

Photo Credit: File photo

FAIRFIELD COUNTY, Conn. -- Concerns about China's economic slowdown's impact on global growth resulted in stocks plunging on Friday.

The Dow Jones Industrial Average fell 531 points (3.12 percent) -- its worst day in four years. At 10 percent below its 52-week high, the Dow touched correction territory.

The S&P 500 was down 65 points (3.18 percent) and the NASDAQ composite 171.45 points (3.52 percent).

It was the fourth straight day stocks fell, with a drop of more than 700 points in the DJIA the last two days. It was the biggest two-day drop since the 2008 financial crisis when the Dow fell 807.07 points on Nov. 19 and 20, 2008.

Oil prices, meanwhile, fell to below $40 a barrel, a six-year low, and another factor contributing in the selloff during a week in which the Dow lost 1,000 points.

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