NEW YORK -- Stocks suffered another late-session thrashing.
It was the seventh straight session decline for the Dow.
Based on preliminary data, the Dow fell about 679 points to 8,579, more than 7.3 percent.
The blue chips haven't fallen below the 9,000 level since August 2003.
The S&P fell 75 points points to about 910. And the Nasdaq composite shed 95 points to 1,645.
General Motors shares were down about 30 percent after Standard & Poor's Ratings Services said it's placing the automaker's credit ratings under review for possible downgrade.
Volume on the NYSE came to 7.9 billion shares. Nasdaq stock market volume was more than 2.9 billion shares.
Declining issues outnumbered advancers by an 11-1 margin.