Market Watch: Wall Street Braces For Disaster

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U.S. stocks were down dramatically Monday, as investors braced for an historically bad day on Wall Street.

The Dow was down over 850 points within minutes of the opening bell. NASDAQ was down 370, with the S&P 500 down close to triple digits. All three major indices are sharply into correction territory at this point, as the worst fears of market analysts are coming true across the globe.

By mid-day, the markets were beginning to stabilize and recovered a portion of their earlier losses.

The Shanghai Index dropped 8.5% Monday—an all-time record—as fears of slowed growth in China swept through the country’s own markets and threatened to spread to other markets.

This week’s major events include consumer confidence numbers and Federal Reserve statements—but for now, it all takes a back seat to the sharp drops of market indices around the world.

Here are the final numbers from Wall Street on Monday:

Dow Jones Industrial Average: 15,871.35 (-588.40)

NASDAQ: 4,526.25 (-179.79)

S&P 500: 1,893.21 (-77.68)

Phil Cannella
Partnered with CBS Radio Network, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella

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Phil Cannella a revolutionary thinker. Phil Cannella's cause is the Phil Cannella Crash Proof Retirement system. Phil Cannella has worked for decades.
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