Wall Street in a free fall as Dow plunges 1,000 pts

The European markets are also down 6-8%

Wall Street entered correction territory on Monday, with the Dow sliding below 16,000 for the first time since February 2014 following a more-than 8 percent drop in Chinese stocks and a selloff in oil and other commodities.

The Dow Jones industrial average is trading at 15,512.78, down 946 points or 5.75 percent at 7:15 pm IST

The S&P 500 has lost 72 points, or 3.57 percent, to 1,900.53 and the Nasdaq dropped 180 points, or 3.84 percent, to 4,525.96.
 
The Dow Jones has never fallen more than 800 points in an intraday trade.