NEW YORK (AP) – The U.S. stock market closed out its worst week since 2011, rattled by concerns over a slowdown in China’s economy and plunging oil prices.
Energy stocks were among the biggest decliners again on Friday as the price of oil sank. Crude is trading just below $34 a barrel, its lowest price since early 2004.
A big reason for the plunge in the oil price is concern that China’s economy is stumbling. This week the country allowed its currency to weaken against the dollar, an ominous sign that growth there is petering out.
The Dow Jones industrial average lost 167 points, or 1 percent, to 16,346.
The Standard & Poor’s 500 index fell 21 points, or 1.1 percent, to 1,922. The Nasdaq gave up 45 points, or 1 percent, to 4,643.