In this Monday, Aug. 24, 2015, photo, pedestrians walk past the New York Stock Exchange. Global stocks mostly fell on Monday, Aug. 31, 2015, after a U.S. Federal Reserve official suggested a September interest rate hike still was possible and weak Japanes
In this Monday, Aug. 24, 2015, photo, pedestrians walk past the New York Stock Exchange. Global stocks mostly fell on Monday, Aug. 31, 2015, after a U.S. Federal Reserve official suggested a September interest rate hike still was possible and weak Japanese factory activity provided more evidence of a sluggish global economy. Seth Wenig, Associated Press

By Associated Press

NEW YORK — The stock market is closing out its worst month in more than three years on a down note.

Stocks fell broadly in Monday trading, with the exception of energy shares, which reversed an early slump after the price of crude oil surged.

The Standard & Poor's 500 index ended August down 6.3 percent, its worst showing since May 2012. Investors have been worried about slowing growth in China and elsewhere and looming interest rate hikes in the U.S.

The Dow Jones industrial average fell 114 points, or 0.7 percent, to 16,528.

The S&P 500 fell 16 points, or 0.8 percent, to 1,972. The Nasdaq composite slid 52 points, or 1.1 percent, to 4,776.

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Oil surged 9 percent on news that U.S. production has been lower than estimated.

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