US stocks tumble on global slowdown fears

Growing concerns about a slowdown in China shook markets around the world on Friday, driving the US stock market to its biggest drop in nearly four years. The Standard & Poor's 500 index dropped 64.84 points, or 3.2 per cent, to close at 1,970.89. The Dow Jones industrial average fell 530.94 points, or 3.1 per cent, to 16,459.75. That's 10 per cent off its high, a correction. The Nasdaq slid 171.45 points, or 3.5 per cent, to 4,706.04. In the commodity markets, gold gained $6.40 to settle at $1,159.60 an ounce. Crude oil briefly dipped below $40 a barrel for the first time since March of 2009. US crude fell 87 cents to close at $40.45 in New York, according to AP.

-Shuvo-