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Dow drops more than 500 points, rocks Wall Street

It was a wild day on Wall Street today, as global stock prices plunged. In America, the close marked the end of the worst week in the market in four years.

The panic was caused by a Chinese stock crash, with oil trading below $40 a barrel at one point. The Dow Jones industrial average fell 530 points to close at 16,459.75, bringing the decline for the day to 3.1 percent. The Nasdaq fell 171.45 points, or 3.5 percent, to 4,706.04, and the Standard & Poor’s index dropped 64.84 points, or 3.2 percent, to 1,970.89. The Dow Jones plunge is the ninth-biggest decline in its history, NBC News reported.

Last week, China devalued its currency, the yuan, which has worried investors about an economic slowdown in the country.

Watch tonight’s PBS NewsHour for more.