The decline in the stock market continued in the United States this morning, with the Dow Jones industrial average dropping nearly 600 points at the open today, but quickly recovering most of those losses.
The Dow has lost about 10 percent since reaching a record high of 26,616 on Jan. 26, 2018 — putting it in correction territory, according to ABC News.
The S&P 500 also opened lower but quickly bounced back and was up 16 points just before 10 a.m. The Nasdaq Composite dropped 128 points at the start of the trading day but rallied and was up more than 50 points in the first 30 minutes of trading.
U.S. stocks plummeted Monday, with the Dow falling almost 1,200 points, the biggest single-day point decline in history. That amounted to 4.6 percent, the largest decline since 2011, CNN reported.
The S&P 500 and the Nasdaq were down 4.1 percent and 3.8 percent respectively yesterday.
The S&P has also erased a loss of as much as 2% from earlier in the session to trade essentially flat, according to The Wall Street Journal.
A stock market rout that began in the United States took on global contours on Tuesday, as investors from Tokyo to London sent shares tumbling, according to The New York Times.
In Asia, where markets had closed, Japan’s Nikkei 225 index lost 4.7 percent, closing Tuesday to 21,610.24 after a rally in the last hour shaved off some off the losses, according to WBUR.
Hong Kong's Hang Seng Index closed at 30,626.41, down just over 5 percent. The Shanghai Composite Index lost 3.35 percent to 3,370.65. Australia's benchmark S&P ASX 200 slide was off 192.9 points, or 3.2 percent, ending the day at 5,833.30.
In Europe, the London's FTSE 100, Germany's DAX 30 and France's CAC 40 were all trending down, according to CNBC.
After shooting up to as high as 50.30, Wall Street’s Cboe Volatility Index, or VIX, is back in negative territory for the day, recently down 39 percent to 22.78 and near its session low, according to The Wall Street Journal, which was covering the declines nearly in real time.
The VIX usually rises as stocks fall; the index, which measures investors' expectations for swings in the S&P 500 over the next 30 days, on Monday logged its biggest one-day advance ever, according to WSJ.
The declines came despite generally positive economic news, The New York Times reported.
Accelerating growth means central banks are gradually looking to take away economic stimulus, and rising interest rates could eat into corporate profits. Workers, meanwhile, are increasingly demanding their share through wage increases, the newspaper wrote.