NEW YORK (AP) -- Stocks and oil prices plunged again on more worries about a slowdown in China, giving the market its worst drop in three months.
The price of oil sank to its lowest level in 12 years Thursday.
The steep drops in U.S. indexes continued what has been a dismal start to the 2016 for global markets.
Technology stocks have been some of the hardest hit. The tech-heavy Nasdaq composite has plunged 8 percent since Dec. 29.
The latest cause for worry was a weakening in China's currency to its lowest level since March 2011.
The Dow Jones industrial average dropped 392 points, or 2.3 percent, to 16,514.
The Standard & Poor's 500 index lost 47 points, or 2.4 percent, to 1,943. The Nasdaq fell 146 points, or 3 percent, to 4,689.
The first 4 days of 2016 have been the worst first 4 days of any year for the Dow ever on record. The Dow is down 5% so far in 2016.
— CNBC Now (@CNBCnow) January 7, 2016
Dow falls 392 points. In the last 4 days, the Dow has plunged 910 points, or 5.2%, and Nasdaq is down over 6.4%. https://t.co/A9OlUXl3FI
— CNNMoney (@CNNMoney) January 7, 2016