Wall Street closes down 3.6%, worst plunge since 2011

A view shows figures carved into the facade of the New York Stock Exchange in New York

US shares closed with the Dow Jones Industrial Average down 588 factors, recovering from the stunning plunge of 1,000 factors on the opening bell on Monday. The S&P 500 was down over 77 factors because the buying and selling stopped on the busiest day of the yr for buyers. Wall Street suffered one of many steepest falls within the final 4 years. The unstable session noticed the principle indexes plunge by 5 p.c in the course of the day earlier than correcting and shutting down almost four p.c.

The Dow opened with a stomach-churning 1,000-point plunge following world market panic and the largest Chinese inventory slide since 2007. More than 2,000 shares hit new 52 week lows on Monday, in response to the WSJ Market Data Group. Nasdaq noticed Apple fall as little as $92. Giants similar to Chevron, General Electric, Berkshire Hathaway and PepsiCo have seen their lowest inventory costs on the New York Stock Exchange in a yr.

The Dow’s 588 factors loss corresponded to a 3.6 p.c decline whereas the S&P 500’s 77 factors drop corresponds to a 3.9 p.c loss. The Nasdaq Composite ended the day with a 3.Eight p.c drop, down almost 180 factors.

According to preliminary information from BATS Global Markets, the US equities market operator, almost 1,300 buying and selling halts had been recorded on US exchanges on Monday.

Though the Dow share change might not be dramatic, the 588 level drop is the eighth-biggest intraday level decline within the Dow’s historical past whereas the 1,000-point decline on the open is the biggest intraday level decline in historical past.

The US inventory chaos adopted the crash of the world markets on Monday, after the Shanghai composite closed down 8.5 p.c. Asian markets adopted China with a broad sell-off. Europe mirrored the downtrend, with the STOXX Europe 600 Index dropping 5.Three p.c – its worst share loss since 2008.