U.S. stock indices followed declines in Asian stock markets. China Shanghai Composite Index fell 8.5% on Monday, renewing investors' concerns about equities.

The Dow Jones Industrial Average fell 127.94 points, or 0.7%, to close at 17440.59, its lowest close in almost six months. The S&P 500 index declined 12.01 points, or 0.6%, to 2067.64. The Nasdaq Composite Index lost 48.85, or 1%, to 5039.78.

In Asia this morning Hong Kong Hang Seng rose 1.43%, or 347.48 points, to 24,699.44. China Shanghai Composite Index fell 0.86%, or 32.08 points, to 3,693.48. The Nikkei climbed 0.13%, or 26.37 points, to 20,376.47.

Sharp declines made investors avoid stocks and turn to such safe-haven assets as the Japanese yen. Investors were also cautious ahead of a two-day U.S. Federal Reserve meeting, which starts later today.

The China Securities Regulatory Commission said late Monday night that the local government will raise purchases of stocks in order to support the equity market.