The Dow Jones hit its lowest in 12 years after insurance company American International Group's (AIG) huge quarterly loss added to worries about the U.S. financial sector.
The Dow Jones industrial average (INDU) lost nerly 300 points, or 4.2 percent, according to early tallies, ending at its lowest point since April 25, 1997.
The S&P 500 (SPX) index lost 34 points, or 4.7 percent, closing at its lowest point since Oct. 28, 1996.
Source: CNNMoney.com, Dow Below 7,000
