The Dow Jones Industrial Average closed down 634.76 points after falling below the eleven-thousand mark for the first time since November.
The average closed at 10,809.85 with a loss of 5.55-percent. That's the biggest one day loss since November 20, 2008.
The S&P 500 also sank about 60 points, and the Nasdaq about 130 points. Both were also down about five percent for the day.
The markets took a turn for the worse after President Obama remarked about Standard & Poor's downgrade of the nation's credit rating.
Obama blamed the downgrade on congressional gridlock.
Meanwhile, gold prices hit another record high today at more than 17-hundred-dollars an ounce