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US stocks slide, following global markets lower

January 24, 2014

NEW YORK (AP) — U.S. stocks are falling again, following a global downturn as investors dump risky assets.

The Dow Jones industrial average was down 106 points, or 0.7 percent, to 16,090 in the first few minutes of trading Friday. It fell 176 points the day before.

The Standard & Poor’s 500 index was down 13 points, or 0.8 percent, at 1,814. The Nasdaq composite fell 38 points, or 0.9 percent, to 4,180.

Investors were worried about sharp drops in the values of currencies in several emerging markets including Turkey, Russia, South Africa and Argentina.

The rout in emerging-market assets began a day earlier following signs that manufacturing was contracting in China, a major driver of global economic growth.

The declines in the U.S. were broad. Six stocks fell for every one that rose.

Update hourly