US stocks dive on concerns about global growth; Dow drops more than 320 points

The Associated Press 0

NEW YORK, N.Y. – The U.S. stock market had its worst day in more than seven months, and the Dow Jones industrial average plunged more than 320 points, as reports of sluggish U.S. growth added to worries about the global economy.

The Dow fell 326.05 points, or 2.08 per cent, to close at 15,372.80 Monday. The index fell as much as 342 points in the afternoon. The Standard & Poor’s 500 index lost 40.70 points, or 2.28 per cent, to 1,741.89. The Nasdaq slid 106.92 points, or 2.6 per cent, to 3,996.96

Investors moved into safer assets such as U.S. Treasurys. The yield on the 10-year note fell to 2.58 per cent from 2.65 per cent Friday.

A report Monday showed that U.S. manufacturing barely expanded last month. Signs of weakness in China’s manufacturing sector added to worries about developing economies.

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