The prospect of help from the Treasury Department didn't keep stocks from continuing their decline as the Dow Jones industrials plunged to their lowest level in five years Thursday.

The Dow fell dramatically in the final minutes of trading Thursday, dropping below the 9,000 mark to close at around 8,580, down more than 670 points.

Ironically, the drop falls on the one-year anniversary of the Dow's all-time high of 14,164. At the close of business on Thursday, the Dow was 40-percent below that peak.

"Everybody is worried," said one investment banker.

"I just hope the whole thing turns around because it's sickening," said another Wall Street worker. "It's getting scary."

Investors had been hoping Wall Street would follow the lead of other markets around the world, which mostly moved higher Thursday.

The Dow Jones industrial average got off to a good Thursday morning but dropped after a major credit ratings agency said it was considering cutting its rating on General Motors.

Stocks of General Motors ended below $5 a share – levels not seen since the 1950s.

Kristina Cooke, the Wall Street reporter for Reuters, said emotions were running high on the floor of the New York Stock Exchange.

"They were saying this is no longer fundamentals; this is panic," she said. "And I think that really does add to the selling pressure at the end of the day."

Still in some corners, there was optimism about the long-term outlook.

"Deep inside, I feel it will turn around," said a Wall Street employee. "What we see today, we will overcome it. But if it takes a day a week or a month, who knows?"

"Personally, I'm just holding tight," said another. "It's going to rebound at some point. It's gone down too far now. To pull out would be irresponsible and anti-American."

Meanwhile, the Treasury Department said Thursday morning that it was considering a plan to free up clogged credit markets by taking ownership stakes in United States banks.

Treasury officials say the $700 billion bailout approved by Congress last week allows the government to inject cash directly into banks that request it, in exchange for ownership stakes in those banks that would benefit taxpayers.

The hope is by strengthening the banks' balance sheets with the injection of new capital, the banks would then be persuaded to resume lending.

In a statement, Senator Charles Schumer called the idea promising and said it complements the government's plan to buy up troubled assets.

The plan to inject cash directly into financial institutions is similar to a plan announced Wednesday by Great Britain.

Secretary Henry Paulson Wednesday said the Treasury was acting quickly to implement the $700 billion bailout plan. He said he's confident the economy will bounce back.

"We are a strong and a wealthy nation with resources to address the needs we face," Paulson said. "I am confident that with the right policy response, time, and effort, we will conquer these challenges as well."

House Speaker Nancy Pelosi is also suggesting a $150 billion economic stimulus plan.

Most taxpayers received between $600 and $1,200 as part of the government's first stimulus plan earlier this year. Pelosi says she may call the House into session after the election to pass it.

The federal government has agreed to provide troubled insurance giant American International Group (AIG) with a multi-billion loan – on top of the $85 billion bailout given to the company last month as it teetered on the brink of bankruptcy.

Under the new plan, the New York Federal Reserve Bank will borrow up to $37.8 billion in investment grade, fixed-income securities in return for cash collateral.

In another ominous sign of the times, The National Debt clock on Sixth Avenue has run out of digits to record the country's growing deficit.

The clock was put up in 1989 with space for 13 digits – when the national debt was $2.7 trillion.

But with the national debt now more than $10 trillion, the clock's digital dollar sign has been converted to a 1.

The Durst Organization, which runs the display, says it will update the sign next year.