U.S. Stock Market Hurt by China and Greece Worries

Investors play a card game near electronic boards displaying stock prices in Beijing on Aug. 21, 2015.

U.S. stocks continue to endure pressure from devaluation of Chinese currency and uncertainty over Greece's bailout

(NEW YORK) — U.S. stocks are sharply lower in early trading on concerns about the Chinese economy.

The Dow Jones industrial average fell 153 points, or 0.9 percent, to 16,835 as of 9:35 a.m. Eastern time Friday. The Standard & Poor’s 500 index dropped 19 points, also 0.9 percent, to 2,015. The Nasdaq skidded 69 points, or 1.4 percent, to 4,808.

Following last week’s decision by the government to reduce the value of China’s currency, stock markets have taken a hit.

The devaluation of the yuan has fueled concerns about the outlook for the world’s second-largest economy. U.S. stocks also came under pressure from renewed uncertainty over Greece’s bailout after its prime minister decided to resign. Worries about China’s slowdown pushed down benchmark U.S. crude, which fell 23 cents to $41.09 a barrel.