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Volatile day ends with loss of 588 for the Dow, correction for S&P 500

August 24, 2015, 8:17 PM UTC
<> on August 24, 2015 in New York City.
<> on August 24, 2015 in New York City.
Photograph by Spencer Platt — Getty Images

U.S. stocks ended more than 3 percent lower on Monday, their fifth straight drop, in an unusually volatile session that confirmed the S&P 500 was formally in a correction.

The Dow Jones industrial average fell 588.47 points, or 3.58 percent, to 15,874.09, the S&P 500 lost 77.49 points, or 3.93 percent, to 1,893.4 and the Nasdaq Composite dropped 179.79 points, or 3.82 percent, to 4,526.25.