Stock Market Pares Losses, but Dow, S&P 500 Fall Nearly 2%

Worries about spreading troubles from China’s property market snapped an extended streak of calm in stock indexes and sent the S&P 500 to its worst day since May.

The growing concerns over property developer China Evergrande Group, which has the biggest debt burden of any publicly traded real-estate management or development company in the world, triggered a rush out of riskier assets such as stocks, oil and bitcoin, and into safer ones. The Dow Jones Industrial Average dropped 614.41 points, or 1.8%, to 33970.47, dragged down by shares of Caterpillar Inc. and financial heavyweights such as Goldman Sachs Group Inc.