After falling nearly 1,000 points earlier in the day, the Dow Jones Industrial Average struggled back up in the afternoon trading session, but still remained steeped in red at the bell

The Dow closed the day down 588 points, or 3.6 percent, to 15,871 while the broader S&P 500 finished with a 3.9 percent drop to 1,893. The S&P 500 Retail Industry Group Index closed the day down 4.1 percent to 1,129. Retail stocks were down across the board between 2 and 5 percent.

The sell-off was on top of a deep drop in the value of the Dow on Friday following news that the Chinese economy was weaker than expected.

Separately, crude oil was trading down today and closed with a decline of 6.2 percent while the safe haven of gold fell 0.6 percent.

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