Dont sell. This is like a roller coaster ride. Investors waiting to see if our u. S. Markets will follow. Jeb bush make ago trip to the border and taking on rival donned 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. Signs 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. 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. Announcer this portion of cbs this morning sponsored by toyota. Lets go places. Welcome to cbs this morning. Charlie rose and gayle king are off so noin mace owen and Margaret Brennan are here. The stock markets worst day in years. The Dow Jones Industrials lost more than a thousand points on monday. The dow was down more than 3. 5 when it closed. 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. Dow futures this morning are pointed sharply under some 600 points and market watchers not xepti excepting a repeat from yesterday. 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 before 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. Live the gain to the top 10 . 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 will 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 demand 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 unnerveu unnerved. Final, four years since a big correction and now we have 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 overvalid. 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 trayseders a lot of private xet people are telling me this is a scary 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. Look. 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 pattern 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 guallup poll shows bush t trump. Democratic frontrunner Hillary Clinton sought to capitalize. 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 meghay kelly saying she must have had a treshl vacation and really off her vak. He retweeted this tweet. The by himbo back in town. A new sign this morning that Vice President joe biden might run for the democratic nomination. Cbs news has learned that obama gave biden the green light to make a serious run. Julianna is in washington with more. Reporter its out of respect that the respect Vice President has more than earned but yesterday, josh earnest said putting biden on the ticket. 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 mid to senior members of 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 among Top Democrats and donors from the fallout cloptclop clinton hes email server. 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 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 one and military one. 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 and 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. He says his 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 moo on galian. 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. Reporter for cbs this morning, charlie dagata, landstuhl, germany. Wow. This morning, the city of sacramento is planning a welcome back its heroes in grand fashion. Carter evans is outside city hall where a parade is in the works. Carter, good morning. Reporter good morning. After fighting off a possible mass shooting, these friends, turned international heroes, are going to 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 men first met in air oafair at a christian school. 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 kinesiologkinesiology. School officials are mulling over a possible celebration for his return. That is expected to happen a little bit 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, jeff. Reporter indeed. Justin wilson was a father and driver and talented driver and husband. 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. 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 wheldan was instantly killed after his head struck a fence post after a crash. This sunday they say they should consider giving the racers some sort of canopy. Justin wilson is survived by his wife and two daughters who are 7 and 5 years old. Joseph milo was killed last week when his 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. That runway closed 25 years ago. The plane went down about a quarter mile from the site. This morning, crews in california are battling more than a dozen wildfires. Evacuation orders were lifted for 500 homes near the summit fire burning east of los angeles. There are now nearly 70 large wildfires raging in the west. The okanogan fire in the west is the largest in the States History and already destroyed 400 square miles and turned 200 homes and fire official say it could continue for months. A prep School Graduate hears new details about the socalled senior salute. Ahead, what other students are saying about the tradition. Plus the revealing testimony about the suspects encoun 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 a decades old fundraiser. The news is back in the morning right here on cbs this morning. I was out for a bike ride. I didnt think id have a heart attack. But i did. Im mike, and im very much alive. Now my doctor recommends a bayer aspirin regimen to help prevent another heart attack. Be sure to talk to your doctor before you begin an aspirin regimen. Its a highly thercontagious disease. Here. It can be especially serious even fatal to infants. Unfortunately, many people who spread it may not know they have it. Its called whooping cough. And the cdc recommends everyone, including those around babies, make sure their whooping cough vaccination is up to date. Understand the danger your new grandchild faces. Talk to your doctor or pharmacist about you and your family getting a whooping cough vaccination today. To a mouthwash had to burn. Ink then i went pro with crest prohealth mouthwash. Go pro with crest prohealth. Its formulated to target and kill 99 of germs without the burn of alcohol. So you move to a healthier mouth from day one. Sometimes you can feel the indulgence of nature. Sometimes, you can taste it. Sweet granola clusters, a touch of ooey gooey almond butter. Savory almonds, and a hint of salt. Nature valley sweet and salty bars. Kohls lowest prices of the season save big on boys tees colorful juniors camis jumping beans tops and bottoms and on the big one bath towel dont miss kohls lowest prices of the season it only happens twice a year this wednesday through sunday find your yes kohls intrgummy multivitaminever from centrum. A complete, and tasty new way to support your energy, immunity and metabolism like never before. Centrum multigummies. See gummies in a whole new light. You can help children all around the world grow up strong, thanks to Walgreens Partnership with vitamin angels. When you get vitamins here. You change lives everywhere. Walgreens. At the corner of happy and healthy. Oh my gosh, its the guy from last night. What . can i jump on your wifi . Yeah, you can try it. Hey i had a really good time last night. Yeah, me too. The only thing is