NEW YORK -- Stocks suffered a second day of steep declines as investors grew increasingly worried over economic growth in emerging markets.
The Dow Jones industrial average tumbled 318.24 points, or 2%, to 15,879.11. Combined with Thursday's drop of nearly 176 points, the blue-chip index of stocks was down almost 500 points in two days.
The broad Standard & Poor's 500 index fell 38.17 points, or 2.1%, to 1,790.29. The technology-focused Nasdaq composite shed 90.70 points, or 2.2%, to 4,128.17.
Stock markets in Europe and Asia were also down sharply. The rout follows an approximately 1% drop in U.S. equities on Thursday in the wake of a report showing Chinese manufacturing hit a six-month low and pointing to sluggish growth.