Stocks Ended sharply Lower on China Turmoil, Oil Slide

U.S. stocks ended sharply lower on Thursday as concerns over the health of the Chinese economy and a relentless slide in oil prices rattled investors. The Dow Jones industrial average fell 392.41 points, or 2.32%, to 16,514.10. The S&P 500 lost 47.17 points, or 2.37%, to 1,943.09. The Nasdaq Composite dropped 146.34 points, or 3.03%, to 4,689.43.

Rare disease drugmaker Shire Pharmaceuticals Plc (SHP.L) is preparing to announce its roughly $32.5 billion acquisition of U.S. peer Baxalta International Inc (BXLT.N) as early as Monday, according to people familiar with the matter.

Alcoa Inc. (AA) said Thursday it will incur a fourth-quarter charge of about $120 million, or 9 cents a share, relating to closing down a facility and curtailing alumina output.

Oil futures settled with a loss on Thursday for a fourth straight session. On the New York Mercantile Exchange, February West Texas Intermediate crude shed 70 cents, or 2.1% to settle at $33.27 a barrel on the New York Mercantile Exchange.