The Wreckage:

Care of Bloomberg:

The S&P 500 declined 47.60 points, or 3.8 percent, to 1,204.10 at 3:49 p.m. in New York, the lowest level since November 2005. Its retreat was the biggest in six years, when shares tumbled in the wake of WorldCom Inc.’s bankruptcy. The Dow Jones Industrial Average tumbled 408.57, or 3.6 percent, to 11,013.42. The dollar weakened the most against the yen since August 2007 and Treasuries surged.

It was the worst single day since 9/11. The only positive is that oil prices dropped about five dollars (in light of the obviously weakening U.S. economy = lower demand).

UPDATE:  Trader here at the close of the trading day with your update.  It wasn’t pretty today, not in any way, shape or form.  The Dow closed down 504.48 points, or 4.42% to close at an abyssmal 10,917.51.  Lehman Brothers Holdings, after filing for Chapter 11 bankruptcy protection, was down 3.44, or 94.25%, to close at 21cents a share.  Granted, this was expected with what happened last night, but it is still messed up to see what was once a strong firm looking like this.  AIG, the compnay that, at least for now, pays my salary, plummetted $7.38, or 60.79%, to close at $4.76, its lowest price since June, 1988.  The dollar weakened the most against the yen in a decade.  A DECADE!!!

You have major dropoff around the board.  I heard a stat today:  for every one stock that gained value today, more than 24 fell…roll that over a few times and just let it sink in…

This is truly a day that, years from now, people will look back and say, “Remember where you were when…”

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