U.S. stocks slide following global rout

U.S. stocks retreated further Monday as investor sentiment was dented by a broadly-based stock decline around the world.

The Dow Jones Industrial Average fell 166.62 points, or 0.91 percent, to 18,094.83. The S&P 500 lost 18.59 points, or 0.86 percent, to 2,146.10. The Nasdaq Composite Index decreased 48.26 points, or 0.91 percent, to 5,257.49.

In Asia, Chinese stocks tumbled on Monday, with the Shanghai stock index sinking below the key psychological level of 3,000 points. The benchmark Shanghai Composite Index dropped 1.76 percent to 2,980.43 points.

Japanese shares suffered big losses Monday on the stronger yen, with the 225-issue Nikkei Stock Average going down 1.25 percent.

European equities also closed sharply lower Monday amid global uncertainty. German benchmark DAX index at Frankfurt Stock Exchange slumped 2.19 percent, while British benchmark FTSE 100 Index dipped 1.32 percent.

Meanwhile, oil prices were in focus, which settled about 3 percent higher Monday as the world's largest producers gathered in Algeria to discuss ways to support the market.

On the economic front, U.S. sales of new single-family houses in August were at a seasonally adjusted annual rate of 609,000, beating market consensus, the Commerce Department reported Monday.

This is 7.6 percent below the revised July rate of 659,000, but is 20.6 percent above the August 2015 estimate of 505,000.

In corporate news, shares of Twitter Inc. jumped 3.32 percent to 23.37 U.S. dollars apiece on a Bloomberg report that Walt Disney Co. is preparing a bid for the social media company. Enditem