Dow closes down 530 points as China slowdown fuels global growth fears

U.S. stocks fell sharply on Friday after fresh indications of a sharper-than-expected economic slowdown in China, fueling global growth fears.

The Dow Jones Industrial Average closed down 530.94 points at 16,459.75, sending the blue-chip index into correction territory as it posted its biggest weekly decline since September 2011.

The NASDAQ Composite fell 171.45 points to 4,706.04, while the S&P 500 shed 64.84 points, closing at 1,970.89.

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