Stocks Fall Sharply


Stock MarketU.S. stocks fell sharply for the second straight day on Friday as continued worries about the slowdown of China’s economy and the devaluation of its currency affected traders.

The Dow Jones industrial average fell 530.94 points — its worst one-day drop since November 2008 — to 16,459.75.

By early afternoon in New York, the Dow had fallen more than 2.5% for the day, and the Standard & Poor’s 500 and the Nasdaq were down even more.

A preliminary measure of Chinese factory output dropped to a 6½-year low on Friday.