Great fall of China sinks world stocks, dollar tumbles

Traders work on the floor of the New York Stock Exchange August 24, 2015. Wall Street opened sharply lower on Monday with the Dow Jones industrial average losing more than 1,000 points following a more-than 8 percent drop in Chinese shares and a selloff in oil and other commodities. REUTERS

NEW YORK: World stock markets plunged on Monday, as a near 9-percent dive in China shares and a sharp drop in the dollar and major commodities sent investors rushing for the exit. 

The Dow Jones Industrial Average dropped more than 1,000 points as Wall Street opened, and the benchmark Standard & Poor's 500 index slid more than 2.5 percent, a drop that puts it nearly 10 percent below its record high.