"Wall Street slumped Thursday afternoon and the S&P 500 closed at an 11-1/2 year low as fears of a prolonged recession sparked a massive selloff.... The Dow Jones industrial average lost 445 points or 5.6%. It closed at the lowest level since March 12, 2003, just above the low of the last bear market. The Nasdaq composite lost 5.1% and also closed at its lowest level since March 12, 2003."
The Dow has lost 872 points, or 10.4%, over the last two sessions and now sits at 7552.29. On the New York Stock Exchange, losers beat winners by more than ten to one on volume of 2.23 billion shares. On the Nasdaq, decliners topped advancers by five to one on volume of 3.20 billion shares.