Closing Bell: Volkswagen Hit With DoJ Lawsuit; Stocks Slump

U.S. stocks tanked on the first day of trading this year as fears over China's economy and Middle East tensions spooked Wall Street. The Dow Jones Industrial Average saw its worst start to the year since 2008. Volkswagen (VLKAY) shares fell after the Department of Justice filed a civil lawsuit against the automaker over its Clean Air Act violations. Shares of the automaker have fallen more than 20 percent since mid-September when news broke that Volkswagen installed emissions test-gaming software in its vehicles. Yahoo! (YHOO) said it has closed down its video streaming service. The streaming site Yahoo! Screen had been home to original series and most notably the sixth season of 'Community', an NBC show cancelled in 2014. Video content will now be redirected to Yahoo's digital magazines. TheStreet's Keris Lahiff has details from Wall Street.