Investors dumped stocks and the dow closed down 588 points or more than 3. 5 . For days of tripledigit drops add up to a loss of more than 9 . Thats wiping out market gains back to february of last year. And it could have been worse. Anthony mason now on todays wild ride. Reporter over a cliff, the dow plunged more than 800 points in the first two minutes, more than 1,000 points within five minutes. By midday it had rallied back and erased all by 100 points of that loss, but the selloff resumed in the afternoon. It was a breathtaking ride even for veteran traders like ben willis of princeton securities. I have never seen the dow down 1,000 points. That was an extraordinary thing to see happen. Reporter what exactly happened, Peter Tuchman of quatro securities tried to describe it. Is it the end of the world . No. Is it correction territory . Perhaps. Definitely. Thats what it felt like. Reporter the catalyst was another plunge in chinese markets, down 8. 5 this morning, the shanghai index has fallen nearly 38 just since june. The worlds second largest economy has been slowing, but investors now fear it may be even weaker than the Chinese Government is admitting. Part of the real issue is we dont generally feel like we know exactly whats being the on in china on a good day. And this isnt a good day. Reporter max wonderful is an economist with manhattan venture partners. Is the market overreacting . In the short term, yes, but its underreacted in the past. Reporter all three major indexes are down 9. 6 or more over the past week. And this was not one of those lightly traded summer sessions. Volumes with the highest in nearly three years and volatility in the markets, the socalled vix or fear index was also at levels we havent seen since 2011. Odonnell thats interesting. We have your Tag Team Partner here, jill schlesinger. What does it mean for all of our 401 k plans . I hope you sit tight and do nothing. Remember, i know it can be scary here, but lets say you had sold at the bottom of the bear market in 2009. The dow is at 6,5400. You would have missed that nearly tripling of the index to 18,000. Just like today, what if you sold and the market was down 1,000 points. You missed next 400 points back. Remember, you are a longterm investor. Youre buying stocks at a discount if youre putting money into your retirement account or your college fund. You want to keep breathing, stick to your game plan and do nothing. Odonnell okay. Ill keep breathing. Anthony, what about Interest Rates . Reporter the betting would be that the fed would raise rates next month. That was heavy betting. A lot of people are backing off that. Some people think i may get moved until later in the year or even next year. Odonnell great to have both of you here. Thank you. Its not only stocks on sale, so is fuel. Today oil closed below 40 a barrel for the First Time Since the great recession. Gas lean has fall on the a nationwide average of 2. 59 a gallon. In some places its a lot lower than that, as Jericka Duncan tells us. Reporter filling up at this woodbridge, new jersey, gas station, is like taking a drive back to 2009. Thats the last time a gallon of gas was below 2. You guys pull into this gas station. I said 1. 99. I said, i knew it was coming. Reporter according to the most recent a. A. A. Survey, 12 states have at least one station selling gas for less than 2 a gallon. Reporter United States production is at levels not seen since the early 70s. Opec continues to produce at a very high level, and theres now major concern about chinese demand, which has been the driver for much of the last decade. Reporter out west and in parts of the midwest, some people are paying almost 1. 50 more than what drivers here at this gas station in new jersey are paying. Thats because of problems at refineries, but norah, the good news in all of this is on average american households have saved at least 530 on gas so far this year. Odonnell i like that news. Jericka duncan, thank you so much. And if this country needed a boost, something to feel good about this summer, weve certainly got it from three young americans. They have become instant heroes and International Celebrities after stopping a heavily armed gunman on a european train. One of the three was wounded, his nickname, captain america. Heres Charlie Dagata. [applause] reporter Spencer Stone arrived at the u. S. Air base in ramstein, germany, today for further medical treatment alongside fellow serviceman alek skarlatos. Earlier today both men and friend Anthony Sadler received the legion of honor medal at the president ial palace in paris. [applause] president Francois Hollande said they gave the world a lesson in courage. When Police Arrested the suspect, Moroccan National ayoub el khazzani, they found automatic weapons and 300 rounds of ammunition. He said he just wanted to rob passengers. Stone said the gunman was ready to fight until the end. It seemed like he just kept right, pulled out a handgun, we took, that took out a boxcutter, started stabbing at me with that. Reporter jabs that almost severed stones thumb, yet the serviceman put his medical strange the use, saving the life of an american passenger wounded in the neck. I just stuck two of my fingers in the hole, found what i thought to be the artery, pushed down and then the bleeding stopped and i said, thank god. Reporter asked what lessons were to be learned from their ordeal, Anthony Sadler said simply act. Hiding or sitting back is not going to accomplish anything in times of terror like that. Please do something. Dont just stand by and watch. Reporter the suspect is still being questioned by antiterror police. Hes likely to be formally charged tomorrow. But he had already been flagged to french authorities by Spanish Police because of suspected ties to islamic extremism. Norah . Odonnell Charlie Dagata in paris, thank you. Later in the broadcast, well look at whats being done to prevent attacks on american trains. On the president ial campaign trail today, jeb bush talked about immigration and about fellow republican donald trump. More on that now from major garrett. Major . Reporter norah, jeb bush was in texas, and while campaigning there, he toured the boarder with mexico. He bristled at accusations hes been insensitive to latino voters by using the term anchor babies, a reference to children born in america to undocumented parents. Bush said instead he was referring to the welldocumented trend of maternity tourism, where parents, in many cases from china, fly to america and have children in order to derive the benefits of u. S. Citizenship. What i was talking about was the specific case of fraud being committed where there are organized efforts and frankly its more related to asian people, coming into our country, having children, in that organized effort, taking advantage of a noble concept, which is first right citizenship. Reporter bush rejected democratic criticism that he was echoing Donald Trumps inflammatory language on tissue. I think we need the take a step become and chill out as it relates to the Political Correctness that somehow you have to be scolded every time you say something. Bush would not deny citizenship to children born of undocumented parents, nevertheless, the Democratic National committee dubbed bushs remarks politically out of touch. Odonnell major garrett, thank you. President obama today had lunch with his Vice President. It appears the menu included president ial politics. Julianna . Reporter sources tell cbs news that president obama has given his Vice President the groan light the mull a white house run. Good afternoon, everybody. Reporter press secretary josh earnest today said mr. Obama believes putting joe biden on the ticket in 2008 was the smartest decision hes made if politics. I think that should give you some sense of the president s view of Vice President bidens aptitude for the top job. Reporter thats not an endorsement. A biden candidacy could be awkward for the president with his former secretary of state Hillary Clinton the democratic frontrunner. But the Vice President s intensifying dlib raightses are tied to growing concerns among donors and Top Democrats that the controversy over clintons private email server is snowballing. In addition to senator warren, biden and close advisers have been reaching out to supporters in early voting states. They believe they can raise roughly 25 to 50 Million Dollars over the next six months, tapping into the scores of major donors that are still on the sidelines. According to a cbs news analysis, out of the nearly 770 people who are top obama fundraisers in 2012, a fraction, at least 51, have committed to bundling large sums of money for clinton. But a biden candidacy wouldnt be free of its trademark gaffes. Among the other considerations that weigh against him, hes run twice before. Now 72, he would be the oldest person ever elected president. Aides expect biden to make a decision by the end of september. Perhaps the most important consideration, though, is family. Theyre still mourning the death of bidens eldest son, beau, who is said to have urged his father to run. Odonnell great reporting, julianna. Thank you. Today the new municipal judge in ferguson, missouri, ordered toptobottom changes in the judicial system. Some defendants will be allowed to perform Community Service instead of paying fines. This in response to a Justice Department report after riots that followed the shooting death of michael brown. That report found that Ferguson Police often targeted blacks. This coming weekend is the tenth anniversary of one of this countrys worst natural disasters. Hurricane katrina left more than 1,000 dead and much of new orleans under water. Reconstruction would take years, hundreds of thousands fled the devastated city. Many who have returned still face the lingering effects of their experience. Especially the youngest survivors. Heres mark strassmann. Reporter when the levies broke, the superdome became housing of last resort, a lifeanddeath struggle for stranded residents, including thousands of children like danielle mollett. I have to put my fears aside and try to see, what can i do to get out of this situation. Reporter danielle, then 11, was trapped in the attic of her house with her 64yearold grandmother. After two days and nights without food or water, her grandmothers health started to fail. They were rescued by boat and taken through a maze of human suffering and death to the superdome. I went to go tap her, like, grandma, come on, get up so we can get dressed. She didnt respond. Reporter on their second night, her grandmother died on her cot. That was my first time dealing with somebody close dying in front of me. Reporter you were 11 years old, surrounded by all these strangers, and shes gone. What did you do . I just kept myself balled up. Reporter danielle spent two more days alone in the superdome before being bussed to relatives in texas. It just, wow, hits you. Reporter jamichael lewis was 14 years old when katrina hit. The storm ripped the roof off his familys home and they ended up in a fema trail two hours away. He missed two years of school. That was major setback. I felt like i wasnt making any progress. I was just in the world, lost. We wanted to know what happened to all the children in the city. Reporter sociologist lori peek has written a book called children of katrina. She said more than onethird of louisianas kids experienced clinical depression and anxiety after the storm. Suffering through a devastating disaster, being dislocateed and having this accumulation of harm translate into a lot of negative outcomes for children. Reporter danielle and jamichael returned to new orleans. Theyre both getting help from covenant house, a Community Outreach organization. To say i was a child going through that situation, it just made me a stronger person. It made me a better person. Reporter danielle is now a single mother of three working as a hotel maid. Jamichael is training to be a graphic artist. They say, norah, they are past katrina but may never get over it. Odonnell mark, thank you so much. Tomorrow desperate moments captured on tape. Im going to die. The water is rising in the attic, maam. Reporter well have the story of those who were staring at death and those who came to their aid. Thats tomorrow. And still ahead tonight, an indy driver fights for his life after an accident on the track. A big reward for finding the hackers who exposed millions of cheaters and well pander to the panda lover in you when the cbs evening news continues. It can be hard to get air out, which can make it hard to get air in. So i talked to my doctor. She said. Doctor symbicort could help you breathe better, starting within 5 minutes. Symbicort doesnt replace a rescue inhaler for sudden symptoms. Symbicort helps provide significant improvement of your lung function. Symbicort is for copd, including chronic bronchitis and emphysema. It should not be taken more than twice a day. Symbicort contains formoterol. Medicines like formoterol increase the risk of death from asthma problems. 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And that got us wondering whats being done to keep rail passengers safe in this country. Kris van cleave takes a look. Reporter a clear show of force on the new york subway monday. This heavily armed nypd Hercules Team swept through Grand Central station as other officer conducted random bag checks. I have never had that happen, only at the airport. Reporter Andrew Neilson had his luggage searched. I think safety is important. Dont mind sacrificing time for safety. Thank you very much. Reporter the department of Homeland Security would not comment on security efforts following fridays thwarted attack in france, but it consists of undercover units and visible uniformed police, including this tsa k9 unit at chicagos Union Station today, but rail travelers almost never go through screenings at like airports. Unfortunately in america, were a big soft target in many, many respects. Reporter ron hosko is a former assistant director foiive. He says post9 11 the focus was on largescale rail attacks like those in madrid in 2004 and london in 2005. But the rise of lone wolf isis attacks has security teams reassessing. Theres likely to be somebody from Law Enforcement on every train, which presents an opportunity for a determined attacker. Because this is essentially a container, it represents a likelihood of many casualties. Reporter Law Enforcement sources say there are no new Credible Threats against rail here in the United States, but, norah, it remains a huge effort to security. Take penn station here in new york, more than 500,000 people a day passes through. Odonnell kris van cleave outside penn station, thank you so much. And we have some neverbeforeseen photos of a future president when we come back. For over 30 years, in study after study, advil is unsurpassed in pain relief. Nothing is proven stronger on aches and pains than advil. Not tylenol. Not aleve. Nothing. Relief doesnt get any better than this. Advil. Odonnell today the web site Ashley Madison offered a reward of nearly 400,000 to find theackers who exposed millions of clients. Ashley madison is the web site that hooks up married folks who want the cheat. Police in canada, where they say some criminals have demanded money from clients and threatened to blackmail them if theyre not paid. Driver Justin Wilson is in Critical Condition in a coma after an accident yesterday at an indycar race in pennsylvania. The trouble started when the lead car spun out and then hit the wall. Debris from that crash appeared to hit wilson in the head. His car also struck the wall and wilson was airlifted to the hospital. Rare photos of a young john f. Kennedy are up for bid in an online action. Some have never been seen before, like this picture of the future president with his father and sister kathleen. Others show kennedy at a prep school. The Kennedy Family gave them to a biographer in 1961. 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This is a live picture of mama mei xiang. Jan crawford now on what you might call a cubs doubleheader. Reporter first panda cub arrived with a squeal, a sign of good health, weighing in around three ounce, its about the size of a stick of butter. But then nearly five hours later came the surprise, mei xiang was pregnant with twins and delivered a second four and a half ounce cub, making the exciting news of a panda birth twice as nice. I was so excited to see the little babies and the panda because i have never seen a panda. Reporter but the panda house is closed to allow mei xiang and her babies time to bond. Unfortunately we have to watch it on the video screen over. There. Reporter zookeepers are also watching on the panda cam, because panda twins can be twice as challenging. Pandas have twins almost half the time, but its rare for both to survive. In 2013, mei xiang gave birth to bao bao, who has delighted with her antics and yesterday celebrated her second birthday, but bao baos twin sibling was stillborn. Reporter this first week is incredibly critical. Reporter brandi smith, the National Zoos associate director of animal care, says zookeepers are increasing the chance of birth cubs surviving by swapping them out, letting one stay a few hours at a time with mom, while the other is taken away to an incubator. Is that an easy process . I know mamas dont like to give up their babies. She doesnt. Mei xiang is a wonderful mother, but were finding its difficult because when we want the swap cubs, she doesnt want to let go. Reporter eventually shes cooperated, for the good of her babies and the species. There are only about 2,000 pandas left in the world, so healthy twins are cause for celebration. Jan crawford, cbs news, washington. Odonnell celebration indeed. Well continue to follow that pandemonium. Thats the cbs evening news. For scott pelley, im norah odonnell. Thanks for joining us. Ill see you tomorrow on cbs this morning have. A wonderful evening and good night. Captioning sponsored by cbs captioned by Media Access Group at wgbh access. Wgbh. Org wall street with stands a serious hit even as the American Financial markets take a tumble to start the weekend. Good evening. Im jan jeffcoat. And im derek mcginty. The dow jones closed down 588 points but this is after it fell more than a thousand points after the opening bell. Marlie hall is on wallee strt with what it all means and what we can expect in the days ahead. Trading on wall street monday was nothing less than a roller coaster. And like most scary rides the biggest drop was the first one. Just 3 minutes after the opening bell, the Dow Jones Industrial average lost more than 1,000 points. A hid