Published January 7, 2016 4:03pm EST | Updated January 7, 2016 5:05pm EST

U.S. Stocks Close Sharply Lower On China Worries

U.S. stocks closed sharply lower on persistent worries about the health of the Chinese economy and slumping oil prices. The main indexes are down nearly 10% from their peaks in May. The S&P 500 closed 47.18 points, or 2.4%, lower at 1,943.08. The Dow Jones Industrial Average dropped 392.14 points, or 2.3%, to 16,514.37. Meanwhile, the Nasdaq Composite ended the day down 146.34 points, or 3%, at 4,689.43.