Stocks slide further on global fears

Jitters over the global economy and a steep drop in crude oil knocked U.S. stocks lower for the fourth day in a row Thursday.

The drop in the U.S. followed large losses all around the world, and left all three major U.S. indexes down at least 10 percent since the beginning of the year.

The latest slump reflected heightened concerns that global economic growth is slowing, even as Federal Reserve Chair Janet Yellen reiterated her confidence in the U.S. economy in testimony to congress Thursday.

“A lot of people are having trouble assessing the true value of stocks,” said J.J. Kinahan, TD Ameritrade’s chief strategist. “What it says to me is we’re going to continue with volatility.”

Financial companies were among the biggest decliners amid growing anxiety that interest rates in the U.S. and elsewhere would remain low and sap bank profits. The price of oil tumbled to $26.21, its lowest level since May 2003. Investors fled to the traditional havens of bonds and precious metals. Gold jumped 4.5 percent.

While stocks ended lower, they recovered somewhat from far steeper losses earlier in the day. The Dow Jones industrial average dropped 254.56 points, or 1.6 percent, to 15,660.18. The average had been down as much as 411 points.

The Standard & Poor’s 500 lost 22.78 points, or 1.2 percent, to 1,829.08. The Nasdaq composite fell 16.75 points, or 0.4 percent, to 4,266.84.