New York, Feb 25 (IANS): US stocks opened sharply lower on Monday amid concerns over a prolonged global economic slowdown.

Shortly after the opening bell, the Dow Jones Industrial Average erased 972.49 points, or 3.35 per cent, to 28,019.92. The S&P 500 was down 104.27 points, or 3.22 per cent, to 3,233.48, Xinhua reported.

The Nasdaq Composite Index shed 398.79 points, or 4.16 per cent, to 9,177.80.

All of the 30 Dow component companies traded in red territory, with American Express and Apple erasing 4.11 per cent and 4 per cent, respectively, the top two laggards.

Trade bellwether Boeing and Caterpillar traded 3.1 per cent lower and 3 per cent lower, respectively.

Most airline stocks traded sharply lower, with American Airlines and Delta Air Lines erasing 8.9 per cent and 7.43 per cent, respectively.

All of the primary S&P 500 sectors traded lower. Energy and technology declined 4.18 per cent and 3.73 per cent, respectively, leading the laggards.