The Dow Jones Industrial Average at the New York Stock Exchange slipped more than 200 points on Tuesday, posting its biggest one-day drop this year.

Stocks in Europe saw even greater drops on Tuesday. Stock prices slid three-point-six percent in France, three-point-four percent in Germany and one-point-eight percent in Britain.

Stock prices fell sharply after concerns of a global economic slowdown mounted when news emerged that the Chinese government lowered this year’s economic growth target to seven-and-a-half percent.

The drop in prices also comes as Thursday marks a deadline for a bond swap between Greece and private investors.