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US crude oil fell to its lowest price since August 2017, and it has now fallen nearly 40 percent since early October. Bent Crude was down 2.3 percent to $58 and change. Investors are anxious that supplies continue to increase and that demand is slowing as the global economy weakens.

The S&P 500 has lost almost 8% of its value this month, eclipsing the 6% fall witnessed during the final month of 2002.

The Dow Jones Industrial Average lost 505.56 points on Monday, a decline of 2.10 percent; and the S&P 500 fell by 2.5 percent to its lowest level of the year at 2,530.6.

Meanwhile, a blog post from ZeroHedge reported Wall Street's biggest ever rotation into bonds: "Wall Street Turns Apocalyptic: 'We Just Had The Biggest Ever Rotation Into Bonds.'".

FED FOCUS: The Fed will likely hike its short-term interest rate - used as a benchmark for many consumer and business loans - by a modest quarter point to a range of 2.25 percent to 2.5 percent.

The move for the Dow comes amid a string of bearish patterns that have cropped up in equities and fixed-income markets, highlighting growing concerns about the durability of a bull run in stocks that has lasted about a decade as the economy's vital signs have also been strong, in a long-running, if measured, rebound from the 2007-09 financial crisis.

The sharply lower close on Wall Street came amid lingering concerns about global economic growth as well as continued uncertainty about trade between the USA and China.

After two straight routs, USA stocks had opened solidly higher and pushed upward through the early afternoon. Facebook added 3 percent. Brent crude, used to price global oils, sank 5.6 percent to $56.26 a barrel in London.

Boeing, which has taken sharp losses recently, rose 3.9 percent after announcing a stock buyback and a dividend increase. The S&P 500 decreased 54.01 points, or 2.08 percent, to 2,545.94.

The Dow for last week was down 1.18 percent, the S&P down 1.26 and the Nasdaq down 0.84 percent. The two sides are planning to hold meetings in January to negotiate a broader truce in their trade war, according to Treasury Secretary Steven Mnuchin. The S&P, the Dow, and the Nasdaq are all set to open about 0.2% to 0.3% higher. -Chinese trade dispute, low oil prices, a possible US government shutdown and the turmoil surrounding Britain's exit from the European Union.

Technology and industrial stocks were among the biggest winners in early trading Tuesday. Britain's FTSE 100 shed 1.1 percent and France's CAC 40 dripped 1 percent lower.

The Dow is down 424.87 points, or 1.8 per cent.