Some quotes:

  • From CNBC: "The Dow Jones Industrial Average dropped nearly 300 points, or 4.1 percent, ending below 6,600 for the first time since April 1997. That erased all of the gains from the previous session's rally — and then some."
  • From the Wall Street Journal: "The blue-chip measure has fallen 53.4% from its record high in October 2007 and is down 42.3% since mid-September, when the meltdown of Lehman Brothers Holdings set off a full-blown financial and economic crisis."
  • From Bloomberg News: "Concern corporate defaults will rise, the deepening global recession, and dividend cuts at companies from General Electric Co. to JPMorgan have dragged the S&P 500 to three consecutive weeks of declines, pushing the index down 24 percent this year. It has fallen 7.2 percent since Feb. 27."
  • Also from the WSJ: "Citigroup shares dropped 9.7% after dipping below $1 for the first time. In May 2007, Citi was the biggest bank in the U.S. by market capitalization, and traded north of $55. Since then, the collapse of mortgage securitization and the slide in value of other assets has necessitated the rescue of Citigroup and other financial institutions."
  • From the NY Times: "'It’s just a continuing self-destructive market where even the slightest good news is considered negative,' said Peter Cardillo, chief market economist at Avalon Partners. 'No one is taking a backseat approach. Everyone is just selling.'"

Also: Tomorrow's economic data could trigger a big sell-off.