Dow Jones drops more than 1,000 points in early training, other US stocks drop

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By: The Associated Press

NEW YORK (AP) — A worldwide plunge in stock prices has now engulfed Wall Street, where the Dow industrials fell more than 1,000 points in early trading today.

The S&P 500 fell into correction territory — meaning a drop of 10 percent or more from a recent peak.

Treasuries surged as investors bought less risky assets.

After the thousand-point drop at the open, the Dow trimmed those losses. Less than an hour after the open, the decline had been reduced to about 300 points.

Growing concerns about a slowdown in China had already shaken markets around the world on Friday, sending the U.S. stock market sharply lower. And a big selloff in Chinese stocks today caused the rout to continue. China’s main index sank 8.5 percent today, amid fears over the health of the world’s second-largest economy.

Oil prices also tumbled today, along with commodities and the currencies of many developing countries, on concerns that a sharp slowdown in China might hurt economic growth around the globe.