VIDEO: White House urges Chinese financial reforms

U.S. investors got a serious jolt Monday when the Dow Jones industrial average tumbled 1,000 points minutes after the market opened in a wave of selling that circled the globe after a historic plunge in Chinese stocks.

Though the declines eased significantly as the morning went on, it sent a shiver of fear through Americans with retirement accounts or saving to buy a home that the bull market is over.

At the White House, Press Secretary Josh Earnest said the US government has been urging senior Chinese officials to adopt financial reforms and make its monetary exchange rate system more market driven.