Photograph of trader Arthur Cashin wearing a "Dow 10,000" hat--one that was given out when the Dow Jones Industrial Average first hit 10,000 on March 29, 1999-- today by Richard Drew/AP

Continuing the chain reaction of global markets falling--due to worries about the banking and credit crisis--the Dow Jones Industrial Average has fallen below 10,000 for the first time in four years. The NY Times reports " The index has lost more than 1,100 points — or about 10 percent — in slightly more than a week." The S&P 500 is currently down alost 5% and the Nasdaq is down over 5% (check here).

The Wall Street Journal spoke to Johnson Research Group president Chris Johnson, who utters the f-word, "It's hard to be bullish based on monetary policy or bailouts alone. It doesn't address the fundamentals of the stock market, which have some very deep problems right now." (The WSJ also has an article about how the credit crisis hits everyone, not just corporations.)

Update 3 p.m.: Earlier the Dow fell over 700 points, to the below-9,600 territory, but is currently above 9,600. Right now, it's down 650 points (6.3%), and the Nasdaq is down 7.21% and S&P 500 is down 6.78%.

Update, 4:40 p.m.: The Dow ended the day 370 points down, still ending under 10,000 at 9,955 (a 3.58% drop). The Nasdaq was down 4.34% and S&P 500 was down 3.85%.