Wall St: S&P 500 on track to confirm correction territory, falls 10% from Jan peak

The S&P 500 index tumbled on Monday, on track to confirm a correction as it shed more than 10% from its record closing high on Jan. 3, the first trading session of this year.

The benchmark index was last down 2.2% at 10:03 a.m. EST (1503 GMT).

A correction is confirmed when an index closes 10% or more lower than its record closing level.