IS CBS 2 NEWS AT NOON.

GOOD AFTERNOON, U.S.

MARKETS OPEN WITH A HUGE PLUNGE

TODAY, THE DOW FELL MORE THAN

1,000POINTS.

REBOUNDED A BIT RIGHT NOW,

A LOOK AT THE BOARD SHOWS IT IS

STILL DOWN OVER 200 POINTS THIS

IS A STORY WE'RE DEVELOPING

CLOSELY THIS SOON.

JILL WAGNER JOINS US ON WHAT

ITMEANS FOR INVESTORS GOOD

AFTERNOON.

Reporter: GOOD AFTERNOON, A

ROUGH START TO THE TRADING DAY

AS YOU SAID THE DOW IS DOWN 211

POINTS A BIG IMPROVEMENT FROM

WHERE THE STOCKS STARTED,

SAYING THIS SELL OFF IS ALL

ABOUT CHINA THE DOW JONES

PLUMMETED DROPPING 1,000 POINTS

AT THE FIRST FEW MINUTES OF

TRADING.

FOR ME IT FELT LIKE THE

CRASH OF 87.

THE SELL OFF CONTINUES, DOWN

DOW PLUNGED 530 POINTS FRIDAY,

WORST SESSION IN FOUR YEARS AND

THE MARKET'S WORST WEEK SINCE

2011.

FEARS OF CHINA'S ECONOMIC SLOW

DOWN ARE SHAKING INVESTORS,

WITH CHINA'S MAIN INDEX

TUMBLING 8.5%.

THIS IS A REPRICING OF THE

GLOBAL STOCK MARKETS.

ADDING IS THE PLUNGING PRICE

OF OIL, FELL $40 A BARREL SINCE

THE FIRST TIME SINCE 2009.

WALL STREET IS NOW IN WHAT'S

CALLED A CORRECTION, A FALL OF

10% OR MORE FROM ITS HIGH.

CORRECTIONS ARE NATURAL IN A

BOWL MARKET, MOST ANALYSTS SAY

THIS ONE WAS LONG OVER DUE.

LONG-TERM I'M STILL, I

BELIEVE IN THE UNITED STATES OF

AMERICA FIRST AND FOREMOST AS

AN INVESTING OPPORTUNITY.

THE LAST CORRECTION CAME

FOUR YEARS AGO.

AND ANALYSTS SAY IT IS LESS

LIKELY THE FEDERAL RESERVE WILL

RAISE INTEREST RATES NEXT

MONTH, MOST ECONOMISTS STILL

THINK A RATE HIKE COULD HAPPEN

AT THE END OF THE YEAR.

COULD YOU GIVE US AN IDEA

IF THERE IS ANY FEELING WHEN WE

COULD SEE A BOTTOM IN THIS?

WELL YOU KNOW IT REALLY

DEPENDS ANALYSTS TELL ME WHAT

HAPPENS IN CHINA SO IF THE

MARKETS THERE FALL AGAIN OVER

NIGHT AS WE SAW THIS MORNING,

TOMORROW COULD BE REPEAT OF

TODAY BUT IF CHINESE REGULATORS

TAKE STEPS TO STABILIZE THE

MARKETS AND IT WORKS, WE COULD

SEE THE MARKETS HERE START TO

REBOUND.

JILL I WANT TO ASK YOU FOR

THE AVERAGE INVESTOR OUT THERE

AND WONDERING WHAT'S GOING ON

WITH MY 401K LOSING VALUE, ANY

ADVICE?

A LITTLE SCARY, ANALYSTS

TELL ME DON'T PANIC MANY SAY WE

WERE OVER DUE FOR A CORRECTION