US stocks close sharply lower

NEW YORK -- US stocks ended sharply lower on Monday.

The Dow Jones Industrial Average fell by 1,033.99 points, or 2.60 percent, to 38,703.27. The S&P 500 sank 160.23 points, or 3.00 percent, to 5,186.33. The Nasdaq Composite Index shed 576.08 points, or 3.43 percent, to 16,200.08.

All of the 11 primary S&P 500 sectors ended in red, with technology and communication services leading the laggards by going down 3.78 percent and 3.35 percent, respectively. Industrials posted the weakest decline, down 1.72 percent.