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Lingering concern about China's slowdown on global economic growth resulted in stocks falling overall by Monday's close.
Wall Street followed the lead of global markets as the Dow Jones Industrial Average closed down more than 3.5 percent — nearly 600 points — on growing uncertainty about China's economy.
It was the biggest one-day drop in four years and the third straight day the Dow fell 300 or more points, marking the first time that's happened.
In a historic day of roller coaster activity, the stock market swung between a record drop and soaring comebacks on Monday before closing with another big loss.
Fueled by fear the Chinese economy is not as healthy as brokers were predicting, investors sold aggressively at the opening bell and sent the Dow Jones industrial average down nearly 1,100 points, the largest decline ever in one trading day.
Stocks staged a dramatic comeback and nearly erased its losses, coming within 115 points of breaking even. But by late afternoon, stocks were falling again. The Dow Jones Industrial Average closed down 588 points, or 3.6 percent, at 15,871.
On Friday, the Dow fell 531 points (3.12 percent) -- its previous worst day in four years. At 10 percent below its 52-week high, the Dow touched correction territory.
It was the fourth straight day stocks fell, with a drop of more than 700 points in the DJIA the last two days. It was the biggest two-day drop since the 2008 financial crisis when the Dow fell 807.07 points on Nov. 19 and 20, 2008.
Oil prices, meanwhile, fell to below $40 a barrel on Friday, a six-year low, and another factor contributing in the selloff during a week in which the Dow lost 1,000 points, the biggest weekly loss in four years.
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