Concerns Over China Drag Stocks below 16,000

It's an all-too-familiar story on Wall Street -- where concerns about China's economy have once again caused stocks to fall.

 

The Dow industrials slipped below the 16,000 level by late afternoon, finishing the day more than 300 points lower.

 

Health care and energy stocks fell the most, with drugmakers extending a selloff that began last week.

 

The slump kept the stock market on track for its worst quarterly performance in four years.

 

Stocks have fallen sharply in August and September on concern that a slowdown in China, the world's second-largest economy, is worse than previously thought. Today, analysts pointed to reports citing Chinese government statistics that showed profits in that nation's industrial companies plunged 8.8 percent last month.