Dow plunges 508 points

For the second day in a row, the Dow Jones Industrial Average suffered triple digit losses and closed down below 10,000. All 30 stocks on the Dow fell as the average closed down more than 5 percent at 9,447.11.

The steep drop in the Dow brought the total two-day decline to more than 875 points. The Dow has now lost 5,000 points since last year, 1400 points over the last five sessions alone.

The S&P 500 was no better, ending at a five-year low, dropping 60.66 points, or 5.7 percent, to close at 996.23. It was the first time the S&P ended below 1,000 since 2003.

The drop in the markets came despite efforts by the Fed to inject liquidity and despite hints that an interest rate cut may be on the horizon.

As the two politcal party presidential candidates prepare to face off in Nashville, Tennessee Tuesday night, the financial news is sure to be a central theme of their debate. MSNBC reported Republican internal polling that showed GOP candidates across the board have been hurt politically by the financial crisis. Every day the stock market plunges the Republicans lose ground, NBC political director Chuck Todd reported.