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A key measure of investor fear hit an all-time high: The CBOE Volatility (VIX) index, or the VIX, hit nearly 64.
Over the last seven sessions, the Dow has lost 2,271 points, or 20.1%. Since hitting an all-time high of 14,164.53 one year ago today, the Dow has lost 39.4%.
"We are in a free fall right now and fundamentals have been thrown out the window," said Phil Orlando, chief equity market strategist at Federated Investors.