Wall Street plunged 5.07% on Wednesday to its lowest level over five years and closed below the 8000 mark.

The Nasdaq and S&P both dropped more than 6 percent sliding to lowest after 2003.

All sectors of the markets were down including financial and autos. Auto shares fell as still there is no clarity about the auto bailout.

General Motors was down –9.71% and Ford Motors Company was down –25.00% and closed at $1.26.

October consumer prices fell 1% on the month before - the biggest such fall in 61 years.

At the close, the Dow Jones average was down 427.47 points or 5.07% to close at 7,997.28.

The Standard & Poor's 500 Index fell 52.54 points, or 6.12 percent, to 806.58. The Nasdaq Composite Index lost 96.85 points, or 6.53 percent, to 1,386.42.

Bank of America was down 14 percent at $13.06, JPMorgan shed 11.4 percent to $28.47 and Citigroup lost 23.4 percent to $6.40.

Yahoo took another dive, falling 21 percent, after CEO Jerry Yang stepped down and Microsoft CEO Steve Ballmer clarified that Microsoft is not interested to buy Yahoo.

Crude fell below $54 a barrel after the EIA reported that crude inventories increased by 1.6 million barrels last week.