LONDON: US stock indices almost 4-per cent lower on Monday in an unusually volatile session that confirmed the S&P 500 was formally in a correction, even after a dramatic rebound by Apple.
The Dow Jones industrial average briefly slumped more than 1,000 points, its most dramatic intraday trading range ever.
Monday’s drop followed an 8.5 per cent slump in Chinese markets, which sparked a selloff in global stocks along with oil and other commodities ..
Wall Street had stayed in s narrow range for much of 2015, but volatility jumped this month as investors became increasingly concerned about a potential stumble in China’s economy and after Beijing surprisingly devalued its currency.
Some investors unloaded stocks ahead of the close after looking to make money from volatile price swings earlier in the session.
