NEW YORK (AP) — Ongoing worries about the health of the Chinese economy and another big sell-off in drugmakers pushed the stock market back toward its lowest level of the year.

Energy and raw material companies dropped on reports that industrial profits at Chinese companies fell sharply in August, heightening worries about a slowdown in the world’s second-biggest economy. Health care stocks fell sharply as drugmakers extended a decline that began last week as lawmakers stepped up pressure on the industry over its pricing policies.

Stocks have fallen sharply in August and September on concern that a slowdown in China is worse than previously thought and is spreading to other emerging market economies. The slowdown could start hurting U.S. companies that rely on overseas demand for a large portion of their profits.

“Whenever the market is down, the first place to look these days is China,” said John Manley, chief equity strategist at Wells Fargo Fund Management. “Right now we need evidence that China is not slowing that much and that profits are still going to be OK.”

The Standard & Poor’s 500 index fell 49.57 points, or 2.6 percent, to 1,881.77. The index is now 14 points above its lowest level of the year, set Aug. 25.

The Dow Jones industrial average lost 312.78 points, or 1.9 percent, to 16,001.89. The Nasdaq composite slumped 142.53 points (3 percent) to 4,543.97.

Health care stocks were another weak link for the market.

A sell-off in drugmakers extended into a second week. The Nasdaq Biotechnology index dropped 6 percent, its worst day in more than four years.

Congressional Democrats on Monday pressed a Republican committee chairman to force Valeant Pharmaceuticals, a Canadian drugmaker, to turn over documents tied to price hikes imposed for two heart drugs earlier this year. The company’s U.S.-listed stock plunged $32.97, or 17 percent, to $166.50.

The sector — a recent favorite of investors — slumped last week after Democratic presidential candidate Hillary Clinton announced a plan to tackle rising drug costs. The sector has plunged 27 percent since reaching a peak in July.

Monday’s slump put the S&P 500 index back in a “correction,” a Wall Street term meaning a drop of 10 percent or more from a recent peak. The index is down 11.7 percent from its record close of 2,130.82, set this May.

Some analysts expressed surprise at the ferocity of Monday’s sell-off, given the relative strength of the U.S. economy. Hiring is coming back and the housing market is recovering.

“The economy here is still improving. There’s no reason that this selling pressure should be as severe as it has been,” said Robert Pavlik, chief market strategist at Boston Private Wealth.

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