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News Summary: Stocks take biggest drop this year

The Associated Press

A ROUT: A steep fall in commodity prices led the stock market to its worst day this year on Monday as worries about the global economy resurfaced. News that China, the world's second-largest economy, slowed unexpectedly pummeled oil, copper and other commodities.

NOT-SO PRECIOUS: Gold prices dropped $140 to $1,361 an ounce, a 9 percent fall. Gold has now slumped $203 an ounce over the past two days.

FINAL SCORE: The Dow Jones industrial average lost 265 points to 14,599, a drop of 1.8 percent. The Standard & Poor's 500 slumped 36 points to 1,552, a loss of 2.3 percent.