US stocks continue to slump; Chinese shares plunge

U.S. stocks are closing lower following a steep sell-off in China and losses in other global markets.

The Shanghai stock index plunged 8.5 percent Monday, the worst fall since 2007, despite government efforts to calm the market.

Prices for safe-play assets rose. Utilities stocks, U.S. government bond prices and gold all rose.

The Dow Jones industrial average lost 127 points, or 0.7 percent, to close at 17,440.

The Standard & Poor's 500 index lost 11 points, or 0.6 percent, to 2,067. The Nasdaq composite declined 48 points, or 1 percent, to 5,039.

It was the fifth straight loss for the U.S. stock market.

European markets also closed broadly lower.

The yield on the 10-year Treasury note fell to 2.22 percent.
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