Dow Plunges 500, Drops Below 16K 'Psychologically key' level is breached By Newser Editors and Wire Services Posted Jan 15, 2016 9:29 AM CST Updated Jan 15, 2016 12:09 PM CST 34 comments Comments Stock trader Gregory Rowe works at the New York Stock Exchange Friday. (AP Photo/Mark Lennihan) (Newser) – The Dow's awful start Friday morning is only getting worse. The Dow dipped some 430 points in the first half-hour of trading, then recovered a bit, only to crater again. It was down 500 points, or about 3%, at one point in the afternoon as part of what the Wall Street Journal is calling a "world-wide rout." The Dow is now below the "psychologically key" level of 16,000, notes CNBC. The other exchanges were in similar shape, with Nasdaq down 3.45% and the S&P 500 down 2.75%. The bleak day comes after China's Shanghai market fell 3.6% to officially enter bear-market territory and with the price of oil dropping below $30 a barrel. Part of the calculus in today's trading: The US markets are closed on Monday, and investors are hedging their bets about what the Asian markets might do that day, notes the Journal. The Dow is recovering some ground but is still 450-plus points in the red and hovering right around the 15,900 mark as of this writing.