Traders work during the closing bell at the New York Stock Exchange. (File photo: AFP)

NEW YORK, Feb. 24 (Xinhua) -- U.S. stocks opened sharply lower on Monday amid concerns over a prolonged global economic slowdown.

Shortly after the opening bell, the Dow Jones Industrial Average erased 972.49 points, or 3.35 percent, to 28,019.92. The S&P 500 was down 104.27 points, or 3.22 percent, to 3,233.48. The Nasdaq Composite Index shed 398.79 points, or 4.16 percent, to 9,177.80.

All of the 30 Dow component companies traded in red territory, with American Express and Apple erasing 4.11 percent and 4 percent, respectively, the top two laggards.

Trade bellwether Boeing and Caterpillar traded 3.1 percent lower and 3 percent lower, respectively.

Most airline stocks traded sharply lower, with American Airlines and Delta Air Lines erasing 8.9 percent and 7.43 percent, respectively.

All of the primary S&P 500 sectors traded lower. Energy and technology declined 4.18 percent and 3.73 percent, respectively, leading the laggards.