A global market rout intensified Friday, pummeling stocks and commodities, as concerns about China’s economy pushed the Dow industrials into correction territory.
Both the blue-chip index and the S&P 500 posted their biggest one-day percentage drops since November 2011, with the Dow closing 10% below its recent high. U.S. oil prices also briefly dropped below $40 a barrel on Friday, a level not seen since the financial crisis.
Signs of a sharp slowdown in the world’s second-largest economy have unnerved investors since Beijing surprised markets last week by devaluing its currency. Shares in the U.S., Asia and Europe have tumbled, along with commodity prices as investors fretted about waning Chinese demand just as supplies are surging.
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