Wall Street sharply down on China woes

NYSE traders Image copyright Reuters

(Close): The S&P 500 posted its largest daily fall since September as worries about the Chinese economy and a continuing slide in the oil price rattled investors.

The S&P fell 392.4 points to 16,514, a 2.3% fall. The Dow Jones fell 47.1 points - 2.37% - to 1,943, its worst four-day start to a year in decades.

The tech-heavy Nasdaq sank 146.3 points - 3% - to 4,689.4.

Apple slid 4.2%, Amazon 3.9%, Facebook 4.9%, and Google parent Alphabet 2.3%.

Banking shares also fell, led by Citigroup and Morgan Stanley, both 5% down.

Risers included Macy's, up 2.1% after the retailer unveiled a plan to save $400m through job cuts and store closures following a disappointing holiday shopping season.

Walgreens Boots Alliance advanced 1.9% as the pharmacy chain lifted its full-year forecast after first-quarter earnings bested analyst expectation