NEW YORK (CNNMoney.com) -- Wall Street slumped Thursday afternoon and the S&P 500 closed at an 11-1/2 year low as fears of a prolonged recession sparked a massive selloff.
The Standard & Poor's 500 (SPX) index lost 6.7% according to early tallies and closed at its lowest point sine April 14, 1997.
The Dow Jones industrial average (INDU) lost 445 points or 5.6%. It closed at the lowest level since March 12, 2003, just above the low of the last bear market.
The Nasdaq composite (COMP) lost 5.1% and also closed at its lowest level since March 12, 2003.
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