THE LATEST: NASDAQ Off 4%, Dow Off 350, BofA Off Nearly 10%

Markets are very close to their worst levels of the day, as fresh headlines about the downgrade of Fannie and Freddie (which was a totally predictable move) has spurred a brand new round of freaking out.

The NASDAQ is down around 4%.

The S&P is off around 3.5%.

Brazil, which has been one of the worst emerging markets of late, is down 4.8%.

Bank of America is off nearly 10%.

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