What a way to start out the week! Within minutes of the opening bell, the Dow had its biggest intraday drop ever, falling 1,089 points and beating the 998-point drop during the "flash crash" of May 2010.
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The trigger? China's Friday selloff and the unfulfilled expectation that the People's Bank of China would intervene and do something to prop up that flagging market. The government stayed hands-off, and when China's market opened Monday it suffered a massive stumble of 8.5%.
The Dow ended up closing down 588 points, and the S&P 500 and Nasdaq were down about 4%, respectively.
And stocks weren't the only major headline Monday; oil fell below $38 per barrel at one point. The hot commodity settled slightly above that level, but it's not unreasonable to question whether $30 will become a reality.
Not everyone was panicking Monday. In fact, some people were even making profits. I was joined by billionaire investor Jeff Greene, who said he bought 100,000 shares of Facebook, in spite of the fact that the social networking name was down 8%.