Dow Jones Industrial Average Sinks 531 Points in Worst Week Since 2011

The Dow Jones Industrial Average (DJIA) got destroyed again today, suffering its third consecutive triple-digit drop to end its worst week since 2011. The blue-chip barometer wasn't the only index to suffer, though; the S&P 500 Index (SPX) also wrapped up its worst five-day stretch in years, the Russell 2000 Index (RUT) ended below a critical level, and the tech-heavy Nasdaq Composite (COMP) was once again the worst for wear. Against this fearful backdrop -- exacerbated by more selling pressure from overseas and lackluster manufacturing data -- trading volume skyrocketed, and the CBOE Volatility Index (VIX) (as we know it) enjoyed its biggest weekly pop ever, more than doubling.

Continue reading for more on today's market, including:

• How Alibaba Group Holding Ltd (NYSE:BABA) is attempting to avoid the same fate as Twitter Inc (NYSE:TWTR). 
• 3 small-caps that circled the proverbial drain today.  
• The tax talk that put added pressure on Netflix, Inc. (NASDAQ:NFLX) .
• Plus ... Manufacturing skids, bears circle blue chips, and oil extends its worst losing streak in nearly three decades. 

A sell-off into the close pushed the Dow Jones Industrial Average (DJIA - 16,459.75) down a whopping 531 points, or 3.1%, and into correction territory. It was the Dow's biggest one-day point drop since August 2011. For the second straight day, not one of the Dow's 30 components ended higher, with Apple Inc. (NASDAQ:AAPL) pacing the losers with a 6.1% nosedive. For the week, the Dow gave up 5.8%, its heftiest week-over-week percentage decline in almost four years. 

The S&P 500 Index (SPX - 1,970.89) sank nearly 65 points, or 3.2%, to end beneath 2,000 for the first time since late January. The Nasdaq Composite (COMP - 4,706.04) plummeted 171.5 points, or 3.5%, and into correction territory. For the week, the SPX gave up 5.8%, while the COMP dropped 6.8% -- also their worst weeks since 2011.

The CBOE Volatility Index (VIX - 28.03) skyrocketed into territory not charted since October, adding 8.9 points, or 46.5%. The "fear barometer" more than doubled on a weekly basis, soaring 118.5%, to mark the biggest weekly spike in the modern VIX era.

5 Items on Our Radar Today:

1. The Markit flash purchasing managers manufacturing index (PMI) fell to 52.9 in August, the lowest level since October 2013. (MarketWatch) 
2. Oil and stocks may be tanking, but St. Louis Fed President James Bullard remains a cool cucumber, reiterating his confidence in the global economy.  (Bloomberg​)
3. How Tesla Motors Inc (NASDAQ:TSLA) plans to revamp its stores.
4. Chevron Corporation (NYSE:CVX) was just one of several blue chips hit with negative analyst notes. 
5. The cloud concern that flew in the face of broad-market headwinds.

Commodities:

Oil fell for the eighth straight week, marking its longest losing streak in nearly 30 years. Uninspiring manufacturing data both at home and abroad, as well as another rise in weekly rig counts, pushed black gold to its lowest finish since March 2009. By the close, October-dated crude dropped 87 cents, or 2.1%, to end at $40.45 per barrel, bringing oil's weekly loss to 4.8%.

On the flip side, widespread selling in equities bolstered gold's appeal as a "safe haven," helping the December contract $6.40, or 0.6%, higher to end at $1,159.60 an ounce -- its loftiest finish in six weeks. For the week, the malleable metal rallied 4.2%, marking gold's best five-day stretch in seven months.