Updated: 4:15 p.m.
The Dow Jones Industrial Average dropped almost 176 points to close Thursday at 16,197 amid gloomy projections for the Chinese economy and a set of poor earnings reports.
Chinese factory input may contract in January according to an industry survey, fueling investor concerns of a long-term slowdown in the Chinese economy. Also on Thursday, McDonald’s reported poorer than expected sales and several other companies, including KeyCorp and Johnson Controls, saw their stock prices drop after reporting earnings, the AP reports.
The S&P 500 also fell 16 points to close at 1,828, and the NASDAQ fell 24 points to close at 4,218.
This story was updated with final figures for the end of the day