Flash: Dow falls below 9,600 as selloff accelerates

On October 24 2003, the Dow closed at 9,582.46. It was the last time the Dow Jones Industrial Average closed below 9,600. Today, it revisited that territory when it plunged 753 points to 9,572.08, and came within striking distance of its biggest one-day point decline from last week -- 778.

While last week blue chips suffered from fears Congress wouldn't pass the bailout package, this week stocks plunge despite the approved -- and enlarged -- rescue plan. As the global financial crisis deepens, its effects cascade to more areas and over more industries.

Fears of a global economic slowdown further aggravated mood on the Street and markets are seeing stocks in a free-fall. It seems that realization has hit for how long it would take for the bailout to allow some relief, how long it would take for the housing market to recover, while all along economic fundamentals such as the job market are deteriorating.

All 30 of the Dow's components were in the red, with Alcoa (NYSE: AA) taking the dubious title of the Dow stock that's declining most -- down over 12%. Following closely are Citigroup (NYSE: C), American Express (NYSE: AXP) and Boeing (NYSE: BA) -- each down more than 10%.

The Nasdaq composite is meanwhile down nearly 160 points, or over 8%, to 1,787. The S&P 500 down nearly 7.5%, or over 81 points to 1,016.