The DOW was down 322, most of the other major indexes were sharply down too. The stock market has been whistling in the dark for about a month now, pretending all is well while the credit markets screamed “warning, warning, danger, danger.”
Even the Plunge Protection Team, I think, is about out of tricks for ways to keep the market up. So, down it will go because, well, there’s not much in the way of good news to keep it rising.