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UPDATE:Just a few minutes to go, markets are tanking to their los of the day.

S&P off about 6%.

Dow off 600


Latest update:

Still horrendous, but markets have come off their worst crashy levels a little bit.

With the final hour of trading well underway, the NASDAQ is off about 4.4%.

The S&P is off 4.3%.


Update II:

An ugly day is getting worse and worse, and a just concluded speech from Obama is providing no help at all.

Whereas things started off OK, the wheels have totally come off.

Also not helping: some fresh comments from Trichet bemoaning the loss of ECB independence.

  • The NASDAQ is off over 6%.
  • The S&P is off about 6%
  • Bank of America is off 20% right now.
  • Meanwhile, the 10-year yield has fallen to 2.32%, which is the lowest its been since 2009.

Tomorrow is Bernanke. Maybe he can save things?

Upgrade: Obama is speaking and it’s not lighting markets at all.

S&P and NASDAQ off 5%.

Quick interlude…

Obama was due to speak at 1:00, and now that’s been pushed back to 1:30, which is pretty characteristic of The President at this point.

It’s a minor thing, but it’s also not confidence-inspiring.

S&P is off about 4% — near its lows of the day.

Finally it’s begun. Follow here.