US in correction mode

Major U.S. Indexes

Last Change Today's % Change 1 Week % Change YTD % Change

Dow 9931.22 -324.06 -3.16% -2.03% -4.76%

NASDAQ 2219.17 -83.86 -3.64% -1.68% -2.20%

S&P 500 1064.88 -37.95 -3.44% -2.25% -4.50%

Russell 2000 633.97 -33.40 -5.00% -4.18% 1.37%

CBOE VIX 35.61 6.15 20.88% 11.04% 64.25%

FTSE CNBC Global 300 4023.99 -118.26 -2.85% -1.93% -11.36%

The Dow Jones Industrial Average lost 323.31, or 3.2 percent, to end at 9,931.97, its lowest close since February. Industrials led the decline, with Caterpillar [CAT 57.76 -3.35 (-5.48%) ] and Boeing [BA 61.1525 -3.1575 (-4.91%) ] among the biggest laggards on the Dow. Materials and financial stocks also took a hit.

All three major indexes are in correction territory, defined as being down more than 10 percent from its recent high. The Dow is now down 11 percent from its April high, while the S&P 500 and Nasdaq are down 12 percent from those levels.

Volume was heavy, with more than 1.6 billion shares changing hands on the New York Stock Exchange. Decliners outpaced advancers, roughly 10 to 1. The CBOE volatility index spiked more than 20 percent, topping 35.

The market's mood started off sour as a carryover from Europe as investors there worried about rumors that SocGen may be having trouble with its derivatives operations and news that Hungary is very close to defaulting on its debt.

source - CNBC