Dow drops more than 500 points as US markets plummet amid global sell-off

Most major markets around the world suffer bruising losses as investors worldwide become increasingly concerned about Chinese economy

US stock markets dropped dramatically on Friday afternoon, dragging overall global markets to their worst week of the year as concerns about the health of the Chinese economy rattled investors across the world.

All of the main US indices closed down more than 3% on Friday, the fourth consecutive day of falls. The Dow Jones Industrial Average closed down 531 points, or 3.1%, to 16,460 – the S&P 500 lost 3.2% to 1,971 and the Nasdaq closed down 3.5% to 4,706.

Related: Stock market falls: four factors stoking global economic fears

Related: Global market turmoil in six charts

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Global market turmoil in six charts

World stock markets have suffered their worst week of the year so far buffeted by worries over China, a potential US rate rise and troubles in emerging economies. What do six big moves across markets tell us about increasingly jittery investors?

World stock markets have suffered their worst week of the year so far as concerns about the health of the Chinese economy rattle investors across the globe.

Amid growing concern over a potential hard landing for China and the prospect of a US rate rise, there have been sharp moves on commodity and currency markets as well.

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