Another steep drop in the price of oil weighed on global markets Tuesday, and investors remained deeply concerned about the global economy following this week’s disappointing Chinese and U.S. manufacturing data, according to the Associated Press. The Dow plunged 295.64 points (1.80%) to 16,153.54, the NASDAQ lost 103.42 points (2.24%) to finish at 4,516.95, and the S&P 500 closed 36.35 points (1.87%) lower at 1,903.03. The Russell 2000 fell 23.55 points (2.28%) to 1,008.83, and the Wilshire 5000 plummeted 384.45 points (1.94%) to 19,416.05.

On the NYSE, 3.1 billion shares traded, and on the NASDAQ, 2.7 billion shares changed hands, with declining issues outnumbering advancing issues nearly 4 to 1 on both exchanges.

ON THIS DATE: In 1690, the first paper money in America was issued by the Massachusetts colony. The currency was used to pay soldiers who were fighting in the war against Quebec. In 1783, Spain recognized the independence of the United States. In 1809, the territory of Illinois was created. In 1913, the 16th Amendment to the U.S. Constitution was ratified. It authorized the power to impose and collect income tax. In 1927, the Federal Radio Commission was created by a bill signed by U.S. President Calvin Coolidge. In 1972, the first Winter Olympics in Asia were held at Sapporo, Japan. In 2009, Eric Holder was sworn in as U.S. Attorney General. He was the first African-American to hold the post.