US stocks fell decisively Wednesday, with petroleum-linked equities hit especially hard amid growing fears about the slowing Chinese economy.
At the closing bell, the Dow Jones Industrial Average stood at stood at 17,351.60, down 159.74 points (0.91 percent).
The broad-based S&P 500 fell 17.10 (0.82 percent) to 2,079.82, while the tech-rich Nasdaq Composite Index sank 40.30 (0.80 percent) to 5,019.05.
China worries have dominated trade since the Chinese central bank unexpectedly devalued the currency last week. That came on the heels of about six weeks of volatility in the Chinese stock market.
“China has now become the new geopolitical concern, replacing Greece,” said Sam Stovall, chief investment strategist at S&P Capital IQ.
Oil-linked equities suffered deep declines at the latest drop in oil prices, with ConocoPhillips (NYSE: COP – news) losing 3.7 percent, Marathon Oil falling 7.2 percent and oil services company Weatherford International (NYSE: WFT – news) tumbling 5.6 percent.
