The Dow Jones Industrial Average ended the day down 125.25 points or 0.98 percent. The S&P and NASDAQ also ended the day down more than 1 percent.
Clearly between the European debt crises and the tainted reputation of America's biggest bank, there wasn't much economic news to reassure markets.
JP Morgan Chase stock ended the day down more than 3 percent. The stock has been down more than 12 percent since announcing its multibillion dollar loss. The bank's chief investment officer, Ina Drew, resigned earlier today.
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As global growth worries deepen, oil prices have fallen to a new low for the year. Oil settled at $94.78 in New York trading today. Prices have not been this low since December of last year.
The average price of a gallon of regular gas is $3.75, down about 4 cents from a week ago, according to the Department of Energy. This price is also down 21 cents from a year ago.
Prices on the west coast, however, inched higher at an average of $4.26 a gallon. The is the most expensive gas in the country, up 12 cents from a week ago.