In fact, this decline is actually worse than the roughly 36 percent decline on the Nasdaq from peak to trough in 1987, but not nearly so bad as the 78 percent nightmare from 5,048 on March 10, 2000 to 1,114 on Oct. 9, 2002.

Still, it is startling that the current crisis is now worse–considerably worse, in fact–than what happened in 1987. And we’re hardly out of the woods. Next week, earnings season begins in earnest, and it is not going to be pretty.

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The Nasdaq’s slide is the eighth largest ever in terms of points, and the third biggest ever on a percentage basis. The index has been tracked since 1971.

The only two days which were worse on a percentage basis include the 11.4 percent slide by the index on Black Monday, Oct. 19, 1987, and the 9.7 percent drop on April 14, 2000.

While selling was widespread, the tech-heavy Nasdaq Composite suffered the worst decline today of the major indexes. The Dow Jones Industrial Average fell 748 points, or 6.7 percent, to 10,394.92, the worst day ever for the index in terms of points. The S&P 500 dropped 102.7 points, or 8.5 percent, to 1,110.27.

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