US stock market plunges on global growth concerns

The Associated Press
Trader Peter Tuchman rests his handheld device on his head as he works on the floor of the New York Stock Exchange Friday, Jan. 31, 2014. Stocks fell sharply in early trading Friday, as investors fretted over disappointing earnings from companies like Amazon.com and more trouble in overseas markets. (AP Photo/Richard Drew)

NEW YORK (AP) — The U.S. stock market had its worst day in more than seven months, and the Dow Jones industrial average plunged more than 320 points, as reports of sluggish U.S. growth added to worries about the global economy.

The Dow fell 326.05 points, or 2.08 percent, to close at 15,372.80 Monday. The index fell as much as 342 points in the afternoon. The Standard & Poor's 500 index lost 40.70 points, or 2.28 percent, to 1,741.89. The Nasdaq slid 106.92 points, or 2.6 percent, to 3,996.96

Investors moved into safer assets such as U.S. Treasurys. The yield on the 10-year note fell to 2.58 percent from 2.65 percent Friday.

A report Monday showed that U.S. manufacturing barely expanded last month. Signs of weakness in China's manufacturing sector added to worries about developing economies.