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Concerns about a China-led global economic slowdown and tumbling commodities prices had U.S. traders fearing the worst after a 5 percent decline in the both the S&P and Dow last Thursday and Friday.

The S&P 500 slid 77.68 points, or 3.9 percent, to 1,893.21. Investors access the group via the Powershares DWA Momentum Portfolio, an exchange-traded fund that saw assets balloon to more than US$2 billion in August.

It’s ugly. But before you panic, let’s put this in perspective. “As it stands, the FTSE 100 is on course to post its biggest weekly decline of the year so far and there’s not a great deal on the agenda that would appear to have the ability to salvage the...

The New York Stock Exchange invoked a rule saying market makers don’t have to disseminate price indications before the opening bell in an effort to make it easier and faster to open stocks on a volatile trading day.

Oil has dropped below $40 a barrel for the first time since the end of the global economic crisis.

As if China wasn’t worrying investors enough, the odds of a Fed rate hike in September seems to have lowered. “This is about growth“. The Nasdaq crumbled 6.8% while the S&P 500 sank 5.8%.

Companies that primarily drill for oil onshore in the U.S., such as Continental Resources, have suffered even steeper declines. “This is about growth“.

A “correction” is a Wall Street term for when an index like the Dow industrials or the Nasdaq – or an individual stock – falls 10 percent from its most-recent high. Crude oil briefly dipped below $40 a barrel for the first time since March of 2009.

Particularly with uncertainty about the Chinese currency, “people are saying this is risk, and we step away from the market“. “Even then, the dependent question mark over growth will linger”.

Strategists and traders, noting the lack of major U.S. economic news on Thursday, said the drop in stocks was also likely tied to programmed selling, which came after the S&P 500 moved below one of its most closely watched indicators, a 200-day moving average.

Shares have fallen 27% in the last month and 29% in the last three months.

Apple (Swiss: AAPL.SW – news), for whom China is a key market, fell 0.5 percent to 116.60 and was the biggest drag on the Nasdaq and the S&P 500.

To do that, Page and co-founder Sergey Brin are planning to give Google a new parent company called Alphabet.

Larry Page will now play the top role at Alphabet while Sergey Brin will act as president of the newly formed entity. All the new companies will have a newly appointed CEO.

The Dow Jones industrial average fell 212.33 points, or 1.2 per cent, to 17,402.84. The S&P 500 rallied 1.3% to 2104, while the NASDAQ added 1.2% to 5102.