NEW YORK ( TheStreet) -- The markets turned violently to the downside Wednesday on French bank worries.
The Dow Jones Industrial Average plunged 519.83, or 4.62%, to 10,719.94. The S&P 500 fell 51.77, or 4.42%, to 1120.76. The Nasdaq dropped 101.47, or 4.09%, to 2381.05.
Melissa Lee, the moderator of CNBC's "Fast Money" TV show, said the S&P is 3 percent away from a bear market.
Tim Seymour warned investors to get out of the way of a market that feels futures driven and is not trading by the fundamentals. He said investors were hostage today of late-day moves by levered ETFs and futures.Dennis Gartman agreed, saying investors should "hide" and "get to the sidelines." He said the market is so unpredictable and explosive it can go anywhere, noting the S&P at one point moved 20 handles in 20 to 30 minutes. Gartman added that the swings were occurring in all the markets, not just equities. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
3 Stocks I Saw on TV