Dow Jones Drops 500 Points

Stock tumbled across the board Tuesday, with the Dow industrials sinking more than 500 points at one point, after declining markets in China and Europe and a steep drop in durable goods orders triggered a massive selloff on Wall Street.

News that Vice President Dick Cheney was the apparent target in a Taliban suicide bombing attack in Afghanistan added to the day's worries.

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A worried trader eyes a monitor on the floor of the New York Stock Exchange, Tuesday, Feb. 27, 2007.

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CNNMoney.com's Allen Wastler discusses the plunging durable goods report and more business news. (February 27)

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CNN's Gerri Willis has the latest financial news in the morning business update. (February 27)

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The Dow Jones industrial average (down 384.46 to 12,247.80, Charts) sank as much as 545 points, or about 4 percent, in afternoon trading, though it recovered somewhat and was off about 375 points near the close. The blue-chip barometer has fallen for the last four sessions.

The broader S&P 500 (down 48.51 to 1,400.86, Charts) index fell 4 percent. Should it end where it stood around 3:00 p.m. ET, it would be the biggest one-day selloff on a percentage basis since may 19, 2003. The S&P 500 also slumped for the previous four sessions.

The Nasdaq (down 87.41 to 2,417.11, Charts) composite tumbled 4 percent after having slid for the last two sessions.