Saturday 2 August 2014

US stock market had its worst day in more than seven months

Published 03/02/2014|23:55

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The US stock market hit a new low

The US 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 growth added to worries about the global economy.

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

Investors moved into safer assets such as US Treasurys. The yield on the 10-year note fell to 2.58% from 2.65% on Friday.

A report today showed that US manufacturing barely expanded last month. Signs of weakness in China's manufacturing sector added to worries about developing economies.

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