US STOCKS-Wall Street trades sharply lower, Apple rebounds
* Chinese market falls 8 percent
* At one point, Dow down more than 1,000 points
* Apple mostly recovers after falling as much as 13 pct
* Indexes down: S&P 4.06 pct, Nasdaq 3.78 pct, Dow 3.97 pct (Updates to afternoon trade, adds comment)
By Noel Randewich
Aug 24 (Reuters) - U.S. stock indices were close to 4 percent lower in afternoon trade on Monday but held above the day's worst levels after a dramatic turnaround in shares of Apple Inc.
The Dow Jones industrial average briefly slumped more than 1,000 points, its biggest point-drop ever.
By 2:57 pm, the Dow Jones industrial average was down 654.14 points, or 3.97 percent, at 15,805.61. The Dow has never lost more than 800 points in a day.
"It got very sloppy, and I think you then saw buyers start to emerge. But a lot of those buyers were short-term in nature and took some of their gains around lunch time. Now we're seeing a second wave of selling," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City, New Jersey. Continuación...