The Dow Jones industrial average plunged 1,000 points at the opening Monday as the U.S. stock market extended a rout that followed severe market declines in China and elsewhere in Asia and Europe amid growing worry about China’s economy.
The blue-chip industrials edged somewhat higher after the opening bell but were still off 650 points, or nearly 4%, at 15,840. The average has now skidded more than 2,400 points, or more than 15%, from its record high 18,312.39 set on May 19.
See the most-read stories this hour >>
The Dow Jones industrials’ worst point drop for a full day was 777.68 points on Sept. 29, 2008, which amounted to a 6.98% drop. The average’s worst percentage decline for a full session was 22.6% on Oct. 19, 1987.
Other key U.S. indexes also plunged Monday into so-called “correction” territory – a decline of 10% or more – over the three days.
The benchmark Standard & Poor’s 500 index was down about 160 points, or more than 3% in early trading, at about 1,910.
The Nasdaq composite index skidded 261.88 points, or 5.6%, in early trading, to about 4,550.
Among the market’s leading stocks, Apple Inc. fell 5.6% to $99.88 a share, General Electric Co. was down 4.9% at $23.39 and Netflix Inc. plummeted 10.8% to $93.15 a share.
Traders looking for a safer haven bid up Treasury bond prices, sending their yields sharply lower. The yield on the 10-year Treasury bond fell below 2% for the first time since April, to 1.96%.
NEWSLETTER: Get the day’s top headlines from Times Editor Davan Maharaj >>
U.S. and foreign stocks again followed a massive selloff in China amid growing fears about China’s slowing economy and the ripple effect it could have on corporations worldwide that do business with China.
China’s benchmark indicator, the Shanghai composite index, tumbled 8.5% on Monday, while the Nikkei index in Japan skidded 4.6%, as did the Stoxx Europe 50 index in Europe. Major indices also fell in Germany and Taiwan.
Twitter: @peltzlatimes
MORE ON STOCK MARKETS:
Tech sector faces challenges if the stock market slide continues
Why stocks are tumbling six years into the bull market
Stock market suffers worst one-day drop since 2008
Copyright © 2015, Los Angeles Times
7:16 a.m.: This post was updated throughout with new details.
6:42 a.m.: This post was updated with figures from the opening of U.S. stock market.
This post was originally published at 5:44 a.m.
