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United States stocks took a historic tumble on Monday (Tuesday in Manila), with the blue-chip Dow Jones Industrial Average at one point losing nearly 1,600 points-the biggest-ever dip during trading-before recovering somewhat to close at 4.6 percent.

The Dow Jones dropped 1,175 points on Monday, making it the worst day for stocks since 2011.

Investors also unloaded riskier corporate bonds during the Wall Street stock market rout.

U.S. Securities and Exchange Commission Chairman Jay Clayton said he "can't really say" what caused the dramatic drop in stock prices during recent trading sessions, but that all signs indicate financial markets are functioning normally. The Russell 2000 index of smaller-company stocks gave up 5 points, or 0.3 percent, to 1,485.

The Dow Jones Industrial Average shot up about 25 percent over the course of 2017.

Trading was choppy Tuesday, which was likely to be one of the most watched days on the markets in years.

At 10:30 a.m., the Dow was down 0.3 percent and the broader S&P 500 was down 0.1 percent while the tech-heavy Nasdaq was up 0.65 percent.

Declining issues outnumbered advancing ones on the NYSE by an 8.64-to-1 ratio; on Nasdaq, a 6.92-to-1 ratio favoured decliners.

Financial analysts have been predicting the market would adjust for some time, saying that declines of 10 percent or more are common during bull markets. By 9:54 a.m. NY time, the FTSE 100, which captures Britain's largest companies, had fallen 1.7 percent, Germany's DAX had tumbled 2.2 percent and France's CAC 40 had dropped 2.1 percent.

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"The one thing I could say with confidence is that volatility has suddenly come back into the market", said Andre Bakhos, Managing Director at New Jersey-based New Vines Capital. The S&P 500 dropped 113.19 points, or four percent. Exxon Mobil (XOM) fell 3.5 percent. BlackRock's iShares iBoxx High Yield Corporate Bond ETF, which has about United States dollars 16 billion in assets, fell 0.6 per cent to its lowest share price since December 2016.

Two clients were anxious about how long and how deep the market would fall and the other asked whether he should postpone plans to buy commercial real estate. The combination of economic growth in the US and other major economies, low interest rates, and support from central banks meant stocks could keep rising steadily without a lot of bumps along the way.

The Dow was down 530 points, or 2 percent, to 24,999.

The market's slump began on Friday as investors anxious that creeping signs of higher inflation and interest rates could derail the market's record-setting rally.

Scott, who has been holding 12% in cash and short-dated bonds, said attractive opportunities, which have been scarce due to high equity valuations and low volatility, may soon appear. Brent crude, the worldwide standards, lost 57 cents to $67.06 a barrel in London.

In other commodities trading, copper fell 3 cents to $3.19 a pound. Stocks fell sharply on Friday as traders anxious about inflation and rising interest rates.

On Monday, the Dow finished down 4.6 percent while the S&P 500 sank 4.1 percent, to 2,648.94. Industrial companies were also falling.

In Europe, Germany's DAX fell 2.3 per cent and the CAC 40 in France lost 2.3 per cent.


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