Wall Street sank on Monday, with the Nasdaq down about 1 percent, after the steepest decline in Chinese stocks in eight years increased concerns that cooling growth in the world's No. 2 economy could hurt China's trading partners.

The Dow Jones industrial average fell 126.27 points, or 0.72 percent, to 17,442.26, the S&P 500 lost 11.83 points, or 0.57 percent, to 2,067.82 and the Nasdaq Composite dropped 48.85 points, or 0.96 percent, to 5,039.78.

The Visual Marketplace Index also finished lower, .80 points, at 271.11. This marks the fourth straight day of declines.