Stocks plunged today on growing concerns that the U.S. and Chinese economies are cooling.
The Dow Jones industrial average finished with a loss of 415 points at 12,217. The index had been down 546 points or more than four percent an hour before the closing bell. The Nasdaq composite index was down more than 96 points at the 2,408 level, with roughly 3 billion shares traded. The S&P 500 dropped nearly 50 points, closing at 1,399.
Today's declines wiped out the gains on the year for the Dow, the Nasdaq and the S&P.
The sell-off came in response to a nine percent slide in Chinese stocks overnight, which came a day after a record-high close by Shanghai's benchmark index. Recent concerns among investors that the U.S. economy might be slowing were worsened by a drop in durable goods that was the worst in 3 months.