1st LD Writethru: U.S. stocks plummet amid global rout

U.S. stocks continued to plunge Monday, with the Dow Jones Industrial Average diving more than 500 points, as a rout in global markets intensified.

The Dow tumbled 588.47 points, or 3.58 percent, to 15,871.28. The S&P 500 shed 77.68 points, or 3.94 percent, to 1,893.21. The Nasdaq Composite Index sank 179.79 points, or 3.82 percent, to 4,526.25.

The New York Stock Exchange invoked a rule saying market makers don't have to disseminate price indications before the opening bell in an effort to make it easier and faster to open stocks on a volatile trading day, according to Reuters.

The Chinese stock markets had their worst day in eight years with the benchmark Shanghai Composite Index tumbling 8.49 percent to close at 3,209.91 points.

It has been reported that weak economic data have fueled worries that a drop-off in Chinese growth could cause a global slowdown.

European equities also dived on Monday following the deep decline of the previous session, as the Stoxx Europe 600 was down over 6 percent and Germany's DAX dropped 4 percent.

Last week, the three major indices witnessed the worst week in nearly four years, with the Dow, the S&P 500 and the Nasdaq diving 5.8 percent, 5.8 percent and 6.8 percent, respectively. Endite