The Dow lost 678 points to close down 7.33 percent and under 8,600, while the NASDAQ lost 5.47 percent and ended down below 1,650. The markets experienced their seventh straight day of losses, closing at their lowest levels since 2003. While the Bush administration announced that it may take over some banks to stem the crisis and open up credit markets, the move didn't appear to change attitudes on Wall Street.

Treasury Secretary Henry Paulson told reporters that Treasury was moving quickly to implement the $700 billion rescue effort and he specifically mentioned reviewing ways to bolster the capital of banks.

"We will use all the tools we've been given to maximum effectiveness, including strengthening the capitalization of financial institutions of every size," Paulson said at a Wednesday news conference.