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The Dow fell below 10,000 Thursday for the first time since last November amid worries about the US job market and Europe's ability to get a grip on its debt.
In the final, hair-raising minute of trading, the Dow Jones Industrial Average fell below that 10,000 mark, before popping back up a few points to end at 10,002.18.
When the dust settled, the Dow lost 2.6 percent, led by Bank of America, Merck and JPMorgan. Just one of the 30 Dow components was higher — Cisco.
The S&P 500 shed 3.1 percent and the Nasdaq dropped 3 percent.
The CBOE volatility index, the market's fear gauge, spiked more than 20 percent, ending above 26.
With today's decline, the Dow is now down more than 4 percent for the year.
The selloff left a lot of anxiety in the market heading into tomorrow's session — and the jobs report. There was some buzz on the floor that this may be the beginning of a full-blown correction, which would be a 10-percent drop from January's highs. The level to watch is 1,035 on the S&P.
Global markets started the day's spiral amid worries about debt in Portugal, Spain and Greece and those countries' abilities to get it under control.
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