(CNBC) — U.S. stocks on Monday fell for a third session, with the S&P 500 closing below its 200-day moving average and the Nasdaq Composite off more than 8 percent from its September record, as investors awaited earnings and fretted signs of a slowing global economy.
"I haven't seen one bit of news, but we've had another failed late-day rally; everyone has been staring at their screens at the 1,905 level. Once you get past 3 o'clock and you can't stay above it, we've now officially broken what's considered an important technical level for the first time since November 2012," said Peter Boockvar, chief market analyst at the Lindsey Group.
"That's what has brought out the panic," he added of the market's rapid descent, which had the Dow dropping more than 200 points.
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