Chaos grips the market. Very welcome news. Jeb bush making a trip to the bord rd and taking on rival donald trump. The simple fact is that his proposal is unrealistic. Meanwhile, sources say president obama has given Vice President joe biden the green light to mull a white house run. Firefighters in washington having a hard time gaining ground on the largest wildfire ever to hit the state. Indy car driver Justin Wilson died from head injuries in an injury at pocono. He was hit in the head by debris. A fraternitys activities are suspended after signs were hung at old dominion university. This Police Officer on leave after caught on camera trying to pressure a driver into buying tickets for a police fundraiser. You buy these or take your a bus crashes into an Apartment Building in new york. Aftermath is still parent. You can see that gaping hole. In utah a Bizarre Police chase, a woman allegedly tried to run over a trooper before a cruiser was able to roll the car. All that. A once in a lifetime whale off the coast of nova scotia. Jon stewart becoming a fixture at World Wrestling entertainment events. Down goes stewart we are sure he is okay. David wright back with thunder. Crazy night in philly. I dont know if it was a baseball game or a home run derby a record setting night for the new york mets on cbs this morning. I dont know if you know what going on but the stock market plunged and one direction announced they are breaking up. It was good timing for me because when people ask why i was sobbing uncontrollably, i was able to blame it on the stock market. This mornings eye opener is presented by toyota. Lets go places. Welcome to cbs this morning. Charlie rose and gayle king are off so Anthony Mason and Margaret Brennan are here. As you wake up wall street is bouncing back after its worst day in years. The Dow Jones Industrials gained more than 300 points and lost nearly 600 on monday. Overseas market, chinas major stock index sank another 7. 6 overnight and its fallen more than 42 since its peak in june. Don dahler is on the floor of the new york stock exchange. We have been in the midst of quite a rally in contract to yesterdays plunge. Analyst told cbs news that chinas market is plunging. That has impacted Global Markets. Reporter on the new york stock exchange, their faces said it all. Floor brokers reacted as index spun into a freefall within five minutes of mondays opening bell. You feel the tension here on wall street. Its been an extremely fast and its happened very, very quickly. Reporter the dow was down more than 1,000 points in just minutes. A midday rally wasnt enough to erase all of that damage. And the dow closed down more than 588 points. Is this the big one . I dont know. Its certainly noticeable. Simply, it was a moment when somebody called fire and everybody decided to head for the door. Reporter oil closed below 40 a barrel for the First Time Since 2009. It caught up with us a little bit and everyone said you know what . Wow. What is going on in china is significant. Reporter 55 of americans are invested in the stock market. And Financial Advisers say the worst thing to do is panic. Short term we are probably near the bottom. Long term we have a ways to go. Reporter economist max wolf does not think the market is headed for a 2008 repeat but says the market hasnt recovered for those on main street. A lot of the gain has gone to the top ten percent. I think folks have gotten lackadaisical looking at the bottom 80 of american households. Which while they have recovered a bunch are a ways below when they were in 2007 and 2008. Reporter the drop this past week wiped out 8. 5 trillion in market value and that volatility might not be over. The fed is expected to meet next week and may raise Interest Rates for the first time in seven years. Don, thanks. Cbs News Business analyst Jill Schlesinger is with us this morning. Good morning. The excitement continues here. This is about more than china, isnt it . Yeah. We started with china because we are worried about slowing growth there but we have to look at oil prices. Crude oil down below 40 a barrel is pressuring a lot of Energy Companies and i think that is also a sign could be a little bit of a canary in a coal mine. Is the globe slowing down . Is demand dropping . As don just mentioned, i want to point out there continues to be a lot of fear around what the Federal Reserve will do, when it will do it. That has gotten investors unnerved. Finally, just plain fear. It has been four years since the big correction. Now weve got one. I think people are looking for the bottom. They are definitely nervous and a psychological factor at play here. What are the argument some are making the fed should have acted a long time ago . The only place people have to put their money is in the stock market and perhaps why it is overvalued. I think one of the biggest criticisms of this fed and bernankes fed the policy fosters asset bubbles. It means when Interest Rates are so low what can you do . I cant keep my money in cash, so, okay, ill buy highrisk bonds and stocks and it pushes the assets higher. Part of the feds is to do just that but this is the downside. Frankly what the real question now is the fed is how with they normalize policy but not unnerve both markets and the economy. I mean, the time of year we are in, its the summer. A lot of people still away. They are not necessarily active in trading. Could this be a head fake or is this a real read of sentiment and nervousness in the United States . I think is there a real nervousness and i think among the investment community, whether you are away or you home, there is a lot of anxiety, a lot of Hedge Fund Traders and a lot of private equity people time and they are very concerned. The first time ive heard them this worried since the debt ceiling crisis four years ago. That said, for the rest of us mere mortals out there with our 401 k s and our 403bs you have to relax and chill out. These are the days you could make a mistake and we dont want you to be that. 403b . If you work for a school. 401 k for a teacher. Got it, jill. Take a deep breath. Good advice, jill. The stock market worries are spilling into the republican president ial race. Candidate scott walker is blaming china for the markets big losses. He called on president obama to actually cancel next months state dinner for chinas president. And donald trump agreed saying, i would not be throwing him a dinner. Id get him a mcdonalds hamburger. Chip reid is in dubuque, iowa, which there is trump is speaking tonight. Reporter donald trump was made it clear not in his so humble opinion he is the only candidate who really understands how the world works. Ive been telling everybody for a long time, china is taking our jobs. Reporter that extraordinary level of confidence, critics call it ego is especially high with when it comes to the economy. You have to know what youre doing. We have nobody that has a clue. Reporter on monday, he singled out jeb bush. Jeb bush is a nice person. He doesnt have the energy or the capacity to make our country great again. Reporter the bush trump feud intensified as bush headed to the Mexican Border and attacked trumps plan on immigration. His proposal is unrealistic and cost hundreds of billions of dollars. It will violate peoples Civil Liberties. It will create friction with our Third Largest trading partner. That is not necessary. Reporter on fox news, trump fired back. I tell me about Civil Liberties we have to get them out and some of these people are causing tremendous problems. Reporter as bush stood by his use of the controversial term anchor baby. I think we need to take a step back and chill out a little bit. Reporter he ignited a new controversy. Frankly, its more related to asian people. Reporter asianamerican democratic officials cited that reference to call bush out of touch, adding the only thing worse than jeb bushs words about immigrant families may be his policies toward them. A new gallup poll shows bush to trump. Democratic frontrunner Hillary Clinton sought to capitalize. Would you appeal . Yes. Releasing her own online video. Dont let the circus distract you. Most of the other candidates are just trump, without the pizzazz or the hair. Reporter jeb bush is not the only one under attack from donald trump. Trump is, once again, going after fox news anchor megyn kelly, saying she must have had a terrible vacation and is really off her game and retweeted this tweet, the bimbo back in town. A new sign this morning that Vice President joe biden might run for the democratic nomination. Cbs news learned president obama has given biden the green light to seriously consider the run. Julianna is in washington with more. Reporter its out of respect tht president believes the Vice President has more than earned but josh earnest said putting biden on the ticket was the best political decision he has made. I think that should give you some sense of the president s view of Vice President bidens aptitude for the top job. Reporter the president s blessing is important because if biden does get in it would be obvious with he running against his former secretary of state Hillary Clinton but an official tells us there are a number of mid to senior members on the obama orbit still on the sidelines who would work for biden. The intensity to his decision process is calendar driven and he is expecting a division ahead of the first democratic debate in october and tied to growing concerns from Top Democrats and donors about the fallout from clintons email server. Th and the family is still reeling from the loss of their son beau. A campaign would put enormous strain on his loved ones. Julianna, thank you. New details this morning about a fourth American Hero in last weeks train attack. Mark moogalian is a teacher from virginia and joined three others in the takedown of a gunman. One of the heroes will be treated in germany today. Reporter we are told Spencer Stone will receive treatment for noncrit ic noncritical injuries. The welcoming party was a modest affair for returning hero, but airman Spencer Stone with mom joyce by his side, looked happy to be back with family, real ones and military ones. There for the ride and support, buddy Alek Skarlatos, a National Guardsman himself. Landstuhl is the armys Largest Overseas military hospital. The treatment for the u. S. Service personnel wounded on the battle fields of iraq an afghanistan. Lying wounded himself in the intensive care unit of a french hospital, virginia native Mark Moogalian who was the first to wrestle the gun from ayoub el khazzani. His wife says her husband became suspicious when the man brought his case into the bathroom but then he saw he was armed. She said so he said to me, move away. Its serious. When he snatched the weapon, the gunman opened fire with the side as arm hitting moogalian. He looked at me and said, im hit. Its all over. He thought he was going to die. There was blood everywhere. But it wasnt over. He was squirting blood out of the left or right side of his neck. I just stuck two of my fingers in the hole, found what i thought would be the artery, pushed down and the bleeding stopped. He is said to be in serious but stable condition. He is expected to be in the hospital for some time. After that he, too, will be receiving the legion of honor medal. This morning, the city of sacramento is planning a welcome back its heroes in grand fashion. One of them returns home today. Carter evans is outside city hall where a parade is in the works. Carter, good morning. Reporter good morning. After helping to fight off a possible mass shooting these friends turned International Heroes will return home where they are being praised for their bravery. Now, here in sacramento where they grew up, the citys mayor announced plans on monday to throw a parade in honor of Spencer Stone, Alek Skarlatos and Anthony Sadler and details of for that event are being worked out. The young men first met at a Christian Middle School in fair oaks and now have been bonded by this act of courage that thrust them into the International Spot light. Last night in paris a 23yearold sadler attended the premiere of a film straight outta compton. He talked about the latest days and what its been like. Its unreal. Two days ago we were just on the train and two days later, all this has happened. Its pretty crazy. Reporter donors are now lining up to help pay for sadlers senior year at Sacramento State where he is studying kinesiology. School officials are mulling over ideas for a celebration for his arrival and that is supposed to happen later today. Good to see that. Carter, thanks. How about from taking out a terrorism to compton. The auto racing world is remembering one of its own. Indy car driver Justin Wilson died at a Pennsylvania Hospital from a head injury suffered a day earlier. The racer was struck in the head by a flying piece of debris from another car. Jeff glor shows us why wilson was one of the most popular drivers on the indy car circuit. What a sad story this morning, reporter indeed. Justin wilson was a father and driver and talented driver and husband. He was an advocate for racing safety. His death produced an outpouring of support across the racing world. This was the crash that led to the death of Justin Wilson. Except he wasnt in the car that wrecked. A piece of flying debris from the crashed racer apparently struck him in the head and knocking him unconscious. Wilson was airlifted to a hospital but he never died. But he never recovered. Justin wilson died this evening as a result of the head injury he sustained yesterday at the pocono speedway. Reporter the 37yearold, a seventime indy car winner, was one of the most wellliked and wellrespected drivers on the circuit. Days like this are extremely hard on us as challenge as today is and yesterday was, you know, he is doing what he loved to do and what we all loved to do. Reporter ed carpenter knows firsthand racing cars for a living can be deadly dangerous. Thats his indy car exploding into a wall at nearly 200 miles an hour during a practice run earlier this year. Checkered flag reporter unlike nascar where drivers are fully enclosed, indy car racers sit in an open cockpit but not a death in a nascar race in 14 years not since the legendary Dale Earnhardt was killed at daytona in 2001. Safety concerns for drivers in open cockpit cars isnt an issue. Last year David Hinchcliffe was hit and injured from a car actually driven by wilson. In 2011, dan wheldon was instantly killed after his head struck a fence post after a crash. The winner of the race says the sport should consider giving the racers some sort of canopy for protection while still preserving indy car tradition. Justin wilson is survived by his wife and two daughters who are 7 and 5 years old. Investigators of a deadly plane crash say an air Traffic Controller sent a pilot to a run way that no longer existed. Joseph milo was killed last week when his small plane crashed at a long island, new york train crossing. A preliminary report shows that the air controllers said he needed to find an airport quickly. Industrial buildings cover the run way where that used to be. New details about the senior salute. What others are saying about the tradition. The announcer this portion of cbs this morning sponsored by ensure. A cop tells a driver to pull out his wallet or walk home. Ten bucks each, man. Either you buy these or i take your car. Because its unregistered. Ahead, the officer accused of extortion and why it could taint i was out for a bike ride. 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