Stocks plummeted on global-growth fears for a second straight day Friday in a plunge that dragged the Dow industrials into correction territory.

The global market rout pummeled stocks and commodities as fresh evidence emerged that China’s economy is slowing, spooking investors.

The Dow industrials lost 530.94 points, or 3.1%, to close at 16459.75, putting it in correction territory, as defined by a 10% decline from a recent high. The S&P 500 dropped 64.84 points, or 3.2%, to close at 1970.89. The Nasdaq Composite fell 3.5%, or 171.45 points, to 4706.04.

The Dow’s more than 1,000-point drop this week was the largest weekly drop since the week ended Oct. 10, 2008.

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