Whew: After epic plummet, Dow closes down 588

Whew: After epic plummet, Dow closes down 588

[Ed. – Record book dodged — for now.]

U.S. stocks tumbled on Monday, with the Dow Jones Industrial Average dropping to an 18-month closing low in a tumultuous trading session that saw the blue-chip benchmark briefly plummet more than 1,000 points.

The Dow plunged as much as 1,089 points in the first six minutes of trading before paring losses as traders said mutual funds and other investors began stepping in to buy up beaten down stocks. More than 13.9 billion shares changed hands, making Monday the largest volume day since August 2011.

The Dow industrials ended down 588.40 points, or 3.6%, to 15871.35, its lowest closing level in 18 months.

The S&P 500 dropped 77.68 points, or 3.9%, to 1893.21, joining the Dow industrials in correction territory, defined as a decline of 10% from a recent peak. The Nasdaq Composite fell 179.79 points, or 3.8%, to 4526.25. …

The Dow’s tumble marked its largest one-day point decline ever on an intraday basis, as intensifying growth fears sparked steep stock-market losses world-wide.

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