(Bloomberg) -- The Standard & Poor’s 500 Index roared back from the brink of its first correction in nearly four years even as the rout in all but the riskiest of global assets worsened.

After the S&P 500 plunged more than 5 % and the Dow Jones Industrial Average erased 1,000 points in the opening five minutes of trading, stocks clawed back nearly three-fourths of their losses, slowing a global rout that saw Chinese shares sink the most since 2007 and stocks in Germany fall into a bear market. Commodities slid to a 16-year low as crude plunged 4.1%. The yen strengthened and 10-year Treasury yields slid below 2% for the first time since April.

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