Good Evening
Good Evening

Dow tumbles more than 300 points

Stocks slid in early trading Monday, Sept. 28,

Stocks slid in early trading Monday, Sept. 28, 2015. These traders worked on the floor of the New York Stock Exchange on Sept. 18, 2015. Credit: Getty Images / Spencer Platt

U.S. stocks fell Monday with the Dow Jones industrial average sinking more than 300 points, as raw-material and energy shares retreated at more signs of an economic slowdown in China.

At the close on Wall Street, the Dow Jones industrial average had lost 312.8 points, nearly 2 percent, to nearly 16,002. The Standard & Poor's 500 index slipped 49.6 points, about 2.6 percent, to 1,881.8. The Nasdaq composite slumped 142.5 points, about 3 percent, to nearly 4,544.

About the same time, the price of U.S. benchmark crude oil was down $1.15 at $44.55 a barrel in trading on the New York Mercantile Exchange.

Data Monday showed profits of Chinese industrial companies fell the most since the country's government began compiling data in 2011. Equity markets have been turbulent in recent weeks in the confusion over the Federal Reserve's tightening policy and concern over a slowdown in Asia.

Copper and gold mining company Freeport-McMoRan closed down 89 cents, about 9.1 percent, at $8.91, the most in the S&P 500.

Alcoa bucked the downward trend, gaining 52 cents, about 5.7 percent, to close up at $9.59, after saying it would split in two.

"We are in a chaotic market, lots of volatility but not making much progress in either direction," said analyst James Gaul, a portfolio manager at Boston Advisors LLC, which oversees $2.8 billion. "Earnings are going to be really important this quarter considering the macro backdrop and general global fears as well as the concerns about the Fed potentially raising interest rates as early as next month."

This story was compiled with reports from Bloomberg News and The Associated Press.

More news