The stock market whipped between nauseating drops and roaring comebacks on Monday in a historic day of turbulence, NBC News reported.
Seized by fears that the Chinese economy is not as healthy as it appeared to be, investors sold with abandon at the opening bell and sent the Dow Jones industrial average down almost 1,100 points, the biggest decline on record in a trading day.
Then the market staged a dramatic comeback and almost erased its losses, coming within about 115 points of break-even. By late afternoon, stocks were sinking again — and the Dow was down 588 points at the closing bell, a 3.58 percent rout. The broader Standard & Poor's 500 index ended down 3.9 percent, and the tech-heavy Nasdaq finished down 3.8 percent.
"The movements we've seen have been so fast and so large," Peter Costa, the president of the trading firm Empire Executions, said on CNBC. "It's been extremely fast, and it's happened very, very quickly."