U.S. stocks closed sharply lower on Monday following a steep sell-off in materials, financials and technology stocks. The market pared its losses by the end of the day but still ended down for the second day in a row. The Nasdaq composite index closed almost 20 percent below its record high last year.
The Dow Jones industrial average fell 177.92 points, or 1.1 percent, to 16,027.05.
The Standard & Poor's 500 index lost 26.61 points, or 1.4 percent, to 1,853.44.
The Nasdaq composite index slid 79.39 points, or 1.8 percent, to 4,283.75.
For the year:
The Dow is down 1,397.98 points, or 8 percent.
The S&P 500 is down 190.50 points, or 9.3 percent.
The Nasdaq is down 723.66 points, or 14.5 percent.