S&P 500 off 8%, Dow off 667 points, and Nasdaq down 9%

UPDATE 6:15 PM ET: The Dow ended down 777 points for it’s largest one day loss ever. The S&P and Nasdaq were both off 9%. The futures market show even greater losses are expected tomorrow.

A brutal day in the markets was made that much worse by the rejection by the U.S. House of Representatives of the Emergency Economic Stabilization Act (see text of package here). One can easily call this selloff a market crash as this was one of the worst losses in market history.

Financial shares were hit hardest with some down over 50% on the day. Despite another $300 injection of liquidity by the Fed and plenty of help from other central banks (see post here from Naked Capitalism), we should be braced for further selling pressures and large bankruptcies.

Below is a link to the list of financial institutions and banks that I track. Below is a list of the largest banks in the United States by asset size.

Largest U.S. Banks
Too big to fail?