After a great year of betting against oil, some bearish investors sat out the last week of 2015 after prices hit a six-year low.

Stocks were pummeled on the first trading day of the year, sending the Dow Jones Industrial Average down as much as 467 points before recouping some of those losses as a selloff in Chinese equities spread amid anxiety over the outlook for global growth.

Global equities capped their worst start to a year since 2000, with the Dow Jones Industrial Average sliding more than 250 points, as China unexpectedly weakening its currency fueled fresh concern over the strength of the world economy. Bonds gained.

Treasury investors in benchmark 10-year notes will lose about 2 percent in 2016 as the Federal Reserve raises interest rates, economists’ projections indicate.

The worst-performing stocks in India last year are about to make a comeback in 2016.

Japanese stocks tumbled, with the Topix index posting its worst opening day to a year since 2008, as the yen jumped after Chinese factory data disappointed investors, while tension in the Middle East sent crude oil and energy shares higher.