NEW YORK (AP) — U.S. stocks closed sharply lower on Monday, part of a global wave of selling triggered by worries of economic slowdown in China.
The Dow Jones industrial average plunged more than 1,000 points shortly after the open of trading, before regaining ground throughout the day. Despite rallying after the initial sell-off, the Dow ended the day 588.40 points, or 3.6 percent, lower.
The point decline was the eighth-largest ever, but on a percentage basis, it's not close to the top 10 declines for the index, according to S&P Dow Jones Indices.
The Dow's steepest percentage decline was a 23.5 percent fall on Dec. 12, 1914. It would take a decline of more than 7.87 percent, nearly double Monday's decline, to break into the 10 worst.
Largest point declines:
|Date||Close||Decline in Points||Decline in Percent|
|Sept. 29, 2008||10,365.45||-777.68||-6.98|
|Oct. 15, 2008||8,577.91||-733.08||-7.87|
|Sept. 17, 2001||8,920.70||-684.81||-7.13|
|Dec. 1, 2008||8,149.09||-679.95||-7.70|
|Oct. 9, 2008||8,579.19||-678.92||-7.33|
|Aug. 8, 2011||10,809.85||-634.76||-5.55|
|April 14, 2000||10,305.78||-617.78||-5.66|
|Aug. 24, 2015||15,871.35||-588.40||-3.57|
|Oct. 27, 1997||7,161.14||-554.26||-7.18|
|Aug. 21, 2015||16,459.75||-530.94||-3.12|
This story has been corrected and re-sorted to reflect that it is a list of largest point declines, rather than largest percentage declines.