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Dow Industrials Sink 313 Points

U.S. stocks tumbled to their lowest levels since a late August rout, as investors punished the year’s biggest winners and losers alike in a search for profits in the market’s downturn.

Monday’s broad declines signaled further volatility could be ahead in sectors beyond energy and raw materials, which investors have hammered as commodity prices have tumbled.

“The concerns that triggered the drop in stock prices in August are still with us,” said Kate Warne, investment strategist at Edward Jones. Investors are “selling the winners,” she said. “When investors get nervous about the overall market they sell everything and then figure out what things they shouldn’t have sold.”

The Dow Jones Industrial Average dropped 312.78 points, or 1.9%, to 16001.89, dipping below 16000 for the first time since Sept. 1 on an intraday basis. The S&P 500 fell 49.57 points, or 2.6%, to 1881.77. Both indexes posted their biggest percentage and point declines since Sept. 1. The Nasdaq Composite Index declined 142.53 points, or 3%, to 4543.97.

Health-care and biotechnology stocks fell sharply.

Valeant Pharmaceuticals International fell $32.97, or 17%, to $166.50, after Democrats on the House Oversight Committee asked the panel’s chairman to force Valeant to provide documents explaining price increases for two heart drugs.

The Nasdaq Biotechnology Index dropped 6%, erasing gains for the year. The index posted six straight years of gains through 2014.

Last week, biotechnology stocks fell after Hillary Clinton targeted specialty drug makers, tweeting about a plan that would...