Fears over global slowdown hammer US stocks for 2nd day

Trader Eric Schumacher stands under an electronic display on the floor of the New York Stock Exchange, Thursday, July 9, 2015, in New York. U.S. stocks gained Thursday, bouncing back from big losses a day earlier, as investors speculated that last-ditch talks between Greece and its creditors will produce an agreement. (AP Photo/Seth Wenig)

NEW YORK (AP) – The Dow Jones industrial average has plunged more than 530 points and is in a correction amid a global sell-off sparked by fears about China’s slowing economy. Oil tumbled below $40 per barrel for the first time since the financial crisis.

The Dow Jones industrial average fell to 16,459.75, and ended down 3.1 percent on Friday. The Standard & Poor’s 500 index dropped 64.84 points, or 3.2 percent, to 1,970.89. The Nasdaq slid 171.45 points, or 3.5 percent, to 4,706.04.

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