NEW YORK, Aug. 24 (UPI) — The Dow Jones Industrial Average fell over 1,000 points as trading opened Monday, following steep dives in markets around the world.
The benchmark index fell 1,089 before it quickly righted itself to a loss of 603 points, or 3.7 percent, to 15,858. The drop followed declines Thursday and Friday caused by uncertainty over China’s markets after a devaluation of the Chinese currency.
NYSE Group Inc., operator of the New York Stock Exchange, invoked “Rule 48″ on Monday, a rarely used action which relaxes some trading rules on especially volatile pre-start trading to ensure a smooth opening to the trading day. A number of stocks triggered rules, which act as circuit breakers, when a price drop of 10 percent in a five-minute period is noted.
Between last week and Monday, the Dow Jones Industrial Average suffered its worst decline in four years; the average was down 370 points, to 16,088 at 10:15 a.m.
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