U.S. stocks tumbled, with the Dow Jones Industrial Average dropping more than 500 points, following a renewed selloff across stocks worldwide as skepticism about the strength of the global economy intensified.

Commodity shares remained at the forefront of the selloff, with energy companies sinking further into five-year lows and on pace for their worst monthly slump since 2008. Chevron Corp. slid 7.2 percent. International Business Machines Corp. fell 5.5 percent after its earnings forecast missed projections. Banks fell for a third day, with Citigroup Inc. and Bank of America Corp. down more than 5.3 percent.

The Standard & Poor’s 500 Index dropped 3.4 percent to 1,817.60 at 12:34 p.m. in New York, the most in almost five months and on track for its lowest level since April 2014. The Dow lost 521.05 points, or 3.3 percent, to 15,494.97. The Nasdaq Composite Index fell 3.4 percent and the Russell 2000 Index sank 3.5 percent.

Investors are keeping close watch on progress in the economy to gauge the potential pace of future interest-rate increases by the Federal Reserve. The central bank’s next policy meeting concludes a week from today.

Source: Bloomberg