U.S. Stocks Bludgeoned In Brutal Sell-Off -- U.S. Commentary

(RTTNews) - U.S. stocks suffered their worst session in years Monday, with markets spooked by concerns about the global economy and the prospect of interest rate hikes.

The Dow Jones Industrial Average closed down 588.47 points, or 3.6%, to 15,871.28.

At one point, the Dow was down nearly 1,000 points, but bargain hunters swooped in for a brief rally in the late morning.

Certain blue chips stocks even fought back into positive territory, but anxiety returned in the second half of the session, leaving the major averages with their worst performance in four years.

The Nasdaq Composite ended the day down 179.79 points, or 3.8% at 4,526.25.

S&P closed in correction territory.

The S&P 500 fell 77.65 points, or 3.9%, to 1,893.24, the lowest level since October 2014.

Energy stocks were hammered along with real estate. Few sectors were immune from today's beating. Gold stocks were pounded, losing 8 percent.

The dollar fell sharply against the euro, with crude oil prices collapsed to new 6-year lows near $38 a barrel.

Markets elsewhere were hit just as hard. European stocks plunged 5 percent, while Chinese markets had their worst day in recent memory, dropping 8 percent.

China's shock currency devaluation has spooked markets and prompted worries about the U.S. manufacturing sector.

There were no key economic reports today, and therefore no positive catalysts to lighten the mood.