Dow plunges 1,000 points as a weeklong market rout continues

Stocks plunged again Thursday, and for the second time in four days, the Dow Jones industrial average slumped more than 1,000 points.

The Dow and the Standard & Poor's 500 index are now 10 percent below the record highs they reached just two weeks ago. That puts them in what's known on Wall Street as a "correction." Corrections are normal occurrences during bull markets, and there hasn't been one in two years, an unusually long time.

On Thursday:

The Standard & Poor's 500 index skidded 100.66 points, or 3.8 percent, to 2,581.

The Dow Jones industrial average sank 1,032.89 points, or 4.1 percent, to 23,860.46.

The Nasdaq composite tumbled 274.82 points, or 3.9 percent, to 6,777.16.

The Russell 2000 index of smaller-company stocks dropped 44.18 points, or 2.9 percent, to 1,463.79.

For the week:

The S&P 500 is down 181.13 points, or 6.6 percent.

The Dow is down 1,660.50 points, or 6.5 percent.

The Nasdaq is down 463.79 points, or 6.4 percent.

The Russell 2000 is down 83.48 points, or 5.4 percent.

For the year:

The S&P 500 is down 92.61 points, or 3.5 percent.

The Dow is down 858.76 points, or 3.5 percent.

The Nasdaq is down 126.23 points, or 1.8 percent.

The Russell 2000 is down 71.72 points, or 4.7 percent.