For those who thought that today's noontime stock market malaise could have reversed itself with an afternoon rally: the Dow just closed down 512 points on the day. That's well over 4% of its total value. It also means all of the gains for this year have been erased. And it ranks as the ninth largest single day points loss in history.

The S&P and oil prices plunged also. So many investors are cashing out of the market that the Bank of New York is going to start charging its large depositors a fee for holding their cash. The world's financial markets are—at least for today—back in full-on panice correction mode.

Fear is here to stay!

[Photo: Flickr]