The benchmark briefly fell below the 1,200 mark to levels last seen in November, 2005.

The Dow Jones industrial average <.DJI> was down 432.75 points, or 3.79 percent, at 10,989.24. The Standard & Poor's 500 Index <.SPX> was down 50.22 points, or 4.01 percent, at 1,201.48. The Nasdaq Composite Index <.IXIC> was down 76.91 points, or 3.40 percent, at 2,184.36.

(Reporting by Steven C. Johnson; Editing by Jan Paschal)