Dow drops on concerns about global growth

The Associated Press
Trader Peter Tuchman rests his handheld device on his head as he works on the floor of the New York Stock Exchange Friday, Jan. 31, 2014. Stocks fell sharply in early trading Friday, as investors fretted over disappointing earnings from companies like Amazon.com and more trouble in overseas markets. (AP Photo/Richard Drew)

NEW YORK (AP) — U.S. stocks are falling sharply in afternoon trading, pushing the Dow Jones industrial average down more than 300 points, as investors worry about reports of sluggish global growth.

The decline adds to losses racked up by the market in January.

The Dow was down 308 points, or1.97 percent, to 15,390 at 3:13 p.m. Eastern time Monday. The index fell as much as 317 points in the afternoon. The Standard & Poor's 500 index lost 41 points, or 2.3 percent, to 1,741. The Nasdaq slipped 112 points, or 2.7 percent, to 3,991.

A report Monday showed that U.S. manufacturing barely expanded last month. Construction spending rose modestly in December.

Fresh signs of weakness in China's manufacturing sector added to lingering worries about developing economies.