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The bears are taking control of the U.S. stock market, at least for now. Stocks plunged in the last hour and a half of trading. The Dow lost almost 300 points in just 90 minutes as investors frantically ran for the exits. The Dow finished down by 238 points. The Nasdaq lost 59 points, or 2.36%. The S&P 500 fell by 26 points, or 1.84% on the day.

Financial stocks were absolutely crushed today with many of them hitting new multiyear lows. All areas of the financial sector were hit hard today as investors beat down the group that has already been slashed significantly. Wells Fargo and Company (NYSE:WFC) fell 4.26% and JP Morgan Chase (NYSE:JPM) fell 3.97%, both hitting new yearly lows today. Merrill Lynch (NYSE:MER) lost 4% and Bear Stearns (NYSE:BSC) lost 6.66%, both hitting new lows in a tough tape in the brokerage group. The online brokerage group also was hit hard. Charles Schwab (NASDAQ:SCHW) plunged 7.04% on the day. E*Trade Financial (Nasdaq:ETFC) plunged more than 20% on huge volume today, hitting its lowest price ever since the stock came public.

Technology stocks, for a second day in a row, were one of the weakest areas of the market. Hewlett-Packard (NYSE:HPQ) fell 4.76% on a startling 3x its average daily volume. Garmin (Nasdaq:GRMN) saw its shares fall 6.67% as the stock has lost over 25% in the last month. MEMC Electronic Materials (NYSE:WFR) plunged for a second day in a row, losing 6.32%. Marvell Technology (Nasdaq:MRVL), which has been ailing for months now, saw its shares tank 7.24% on double its normal daily volume.

Those stocks with a lot of exposure to the consumer were crushed today. Retailers are generally the hardest hit when consumer worries are abound, and today was no different. Nordstrom (NYSE:JWN) lost 4.51% today. Kohl's Corporation (NYSE:KSS) lost 3.52% and Macy's Corporation (NYSE:M) fell 4.55% as both hit new 52 week lows. American Eagle Outfitters (NYSE:AEO) lots 5.27% on stronger than normal volume.

Notable 52 week lows

• Qwest Communication (NYSE:Q) This perennial disappointer lost 6.28% on the day.
• MBIA (NYSE:MBI) This stock plunged 20.66% after Morgan Stanley cut its estimates for the company.
• Lowe's Companies (NYSE:LOW) This home improvement leader just continues to take a daily beating, down more than 2% again today.

One has to think that there will be at least a short-term rebound at some point soon, but this selling pressure is the most severe we've seen in years. Keep your head up and keep watching those economic numbers.

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