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The Dow fell dramatically during the last hour of trading, falling by as much as 685 points, before finally closing at 4 p.m. at 8,519, or a 5.7 percent loss of 514 points.

The S&P fell 58 points to 897 and the Nasdaq fell 81 points to 1,615.

Traders reacted to weak corporate earnings.

Meanwhile, the dollar strengthened and the price of oil dropped to $66.75.

Also, White House officials set the date for an international conference to address the global financial crisis.

World leaders will meet on November 15 in Washington, D.C.

The so-called G20 Summit will address the underlying causes of the financial crisis and develop reforms aimed at ensuring it does not happen again.

Meanwhile, a poll released Wednesday found that a majority of Americans are not happy with the financial rescue package Congress created.

According to a CNN poll, 56 percent of respondents said that they disapproved of the bailout plan and 53 percent thought it was a bad idea for the federal government to buy equity stakes in banks.

About 64 percent disapproved of Treasury Secretary Henry Paulson's performance and only 28 percent approved.

There was a three percent margin of error.