China share plunge smacks world markets; S&P, Nasdaq in correction

A near-9 percent dive in China shares sent world stocks and commodity prices tumbling on Monday, and U.S. stocks ended a volatile day with the S&P 500 and Nasdaq composite indexes sliding into correction territory. The Standard & Poor's 500 index closed down 3.9 percent for the day and was 11 percent lower than its May record high. The benchmark S&P index has accumulated 9.95 percent of losses in just five sessions.