Update 5:00 p.m.: This post has been updated to reflect the close of the market.
The Dow Jones Industrial Average fell by nearly 400 points at one point on Monday, down 2.39 percent to 15,817.97, while the S&P 500 fell by 2.3 percent. Since the beginning of year, the Dow has fallen by 9.13 percent.
By the close of the day, the Dow rebounded to 16,027, which was down 177.92 points, or 1.1 percent.
"The S&P 500 tumbled 44 points, or 2.3%, to 1,835, led by losses in the financial sector," according to MarketWatch. "If the index closes at that level, it would mark its lowest settlement since April 2014. The S&P remains above its Jan. 20 intraday low of 1812.29."
The financial sector was hit hard as shares of Goldman Sachs declined 6.6 percent, Morgan Stanley fell 7.8 percent and Deutsche Bank fell 9.5 percent.
"U.S. stocks have fallen sharply this year on the back of tumbling oil prices and worries over decelerating global economic growth," states the Wall Street Journal. "Investors have bid up government bonds as a haven, pushing yields around the world sharply lower."
According to a chief market strategist at CMC Markets, the falling of stocks could indicate whether we are heading into a big bear market or nearing the end of a big correction within a bull market.
"There’s a lot of uncertainty weighing on markets," said Philippe Gijsels, chief strategist at BNP Paribas Fortis after seeing Friday’s job report. "People are starting to worry that the lower oil price and situation in China are starting to impact the U.S. and European economies."