MARKET MELTDOWN: Dow plunges more than 531 points in biggest selloff since 2011

NEW YORK (WABC) -- The six-year bull run on Wall Street may be coming to a close as a global sell-off sparked by fears about China's slowing economy sent the Dow Jones plunging more than 531 points on Friday.

The Dow Jones industrial average fell to 16,459.75, and ended down 3.1 percent on Friday. The Standard & Poor's 500 index dropped 64.84 points, or 3.2 percent, to 1,970.89. The Nasdaq slid 171.45 points, or 3.5 percent, to 4,706.04.

Oil also tumbled below $40 per barrel for the first time since the financial crisis.

Investors are growing increasing concerned about developments in China, which unexpectedly devalued its currency, the yuan. More turmoil in Greece and the overall global economic outlook are also worrying investors.

Click to read more about why the markets in a tailspin from ABC News.

The Dow is more than 10 percent below the high reached in May.