US STOCKS-Wall St turbulence returns as weak China data magnifies fear
* China's manufacturing sector shrinks; U.S. factory data weak
* Global growth likely weaker than expected -IMF's Lagarde
* Oil prices resume declines; Exxon down 4.2 pct
* Netflix down on report of Apple mulling original shows
* Indexes close down: Dow 2.84 pct, S&P 2.96 pct, Nasdaq 2.94 pct (Updates to close, adds comment and detail on valuations)
By Noel Randewich
Sept 1 (Reuters) - Turmoil returned to Wall Street on Tuesday after a brief rest, with renewed concerns about China's economy pushing major indexes down almost 3 percent and intensifying fears of a long-term selloff.
The S&P 500 is now 10 percent lower than its May record high, with the prospect of slowing global growth and an impending U.S. interest rate hike curtailing a robust bull run that saw the index gain over 200 percent from the depths of the financial crisis in 2009.
Tuesday's was the S&P's worst drop since Aug. 24, when it slumped 3.94 percent after three days of increasingly volatile losses. Continuación...