Dow Jones industrial average finishes down 588 points after day of massive swings

NEW YORK -- U.S. stocks are closing sharply lower, with the Dow Jones industrial average down more than 588 points and the Standard & Poor's 500 index now down more than 10 percent off its recent high.

The slump is part of a global wave of selling triggered by increased signs of an economic slowdown in China.

The Dow fell 588.47 points, or 3.6 percent, to 15,871.28. The index dropped more than 1,000 points in the opening minutes of trading.

The Standard & Poor's 500 index slid 77.68 points, or 3.9 percent, to 1,893.21.

The Nasdaq composite shed 179.79 points, or 3.8 percent, to 4,526.25 points.

Treasury notes rose. The yield on the benchmark 10-year note fell to 2.01 percent from 2.04 percent on Friday.