Free Fall In Stocks Continues, S&P 500 At 11-Year Lows

The carnage in stocks continued today, with selling accelerating in the final hours of trading. The Dow fell another 445 points, or 5.3%, to 7,552. The S&P 500 sank 6.7% to 752, an 11 year low, and below the low of 776.76 reached during the 2002 bear market.

Lawmakers delayed a vote on the automaker bailout until December, demanding that they show exactly how they would use federal funds to transform their industry. After trading up significantly earlier in the session, GM (NYSE: GM) finished up 3%. Ford (NYSE: F) closed up 10%.

Financials stocks felt the brunt of the selling again today, with a number of big names closing at 52-week and multi-year lows. New lows included Citigroup, Inc. (NYSE: C) -26.4%, Goldman Sachs Group Inc. (NYSE: GS) -5.8%, General Electric Co. (NYSE: GE) -11%, Bank of America (NYSE: BAC) -14%, JP Morgan (NYSE: JPM) -18%.

Treasury yields fell to record lows as investors rushed into safe assets. The two-year note fell below 1% for the first time. The 10-year dropped 31 basis points to 3.02%. The 30-year fell 46 basis points to 3.46%.

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