NEW YORK (

TheStreet

) -- The markets took an ugly turn Thursday on growing concerns about sovereign debt problems in Europe and fears of higher unemployment.

The

Dow Jones Industrial Average

plunged 268.37, or 2.61%, to 10,002.18 while the

S&P 500

fell 34.17, or 3.11%, to 1,063.11. The

Nasdaq

dropped 65.48, or 2.99%, to 2,125.43.

Joe Terranova said on

CNBC

's "Fast Money" TV show he couldn't put his finger on any single catalyst that drove the market down and caused him to suffer losses in his portfolio.

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 onTV

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Karen Finerman said today's market action was "disconcerting" but did nothing to dispel her belief in the long-term stories of her holdings.

Steve Grasso said there was fear on the trading floor today as all the negative things that have been weighing on the markets came to a head. "No one knew what to do," he said.

Jon Najarian said the volatility index shot up 20% today as one technical level after another started to break down.

Terranova said he was not going to halt trading. Rather he said he was ready to go long on energy and technology when the time is appropriate. "I'm not getting short," he said.

Shifting overseas to the sovereign debt crisis in Europe, Brian Kelly, president of Kanundrum Capital, said that Greece's sovereign debt problems may be 40 billion euros higher than expected, according to a Greece newspaper article he had translated. He said if this is happening in Greece, it could be happening in Spain and Portugal.

He said the best trade off this news to short the euro and go long the U.S. dollar.

Melissa Lee, the moderator of the show, said the commodity sector was getting pummeled today as copper hit a four-month low. Terranova said the significant selling in copper is tethered to the strengthening dollar and sovereign debt problems.

He said he tried to trade in oil but gave up because there was a lack of institutional buying.

Grasso warned of another 25% drop in steel if China changes its game plan on steel.

Terranova advised viewers to wait and see how the unemployment report plays out before doing anything.

Lee mentioned some of the few trades that were working today: the U.S. dollar,

Cisco

(CSCO) - Get Report

and

Children's Place

(PLCE) - Get Report

.

Amid the fear in the markets and a sharp rise in the volatility index, Jon Najarian said he said it would be cheaper to get put protection by buying a put spread than a put.

Guy Adami said the "shadow bear market" finally asserted itself today. He advised investors not to bottom pick tomorrow. He said the better trade would be "to step on the gas on the short side." He also said one could play defensive stocks like

Johnson & Johnson

TST Recommends

(JNJ) - Get Report

and

Gap

(GPS) - Get Report

.

Is gold a safe haven? Lee said gold fell 4% today, its biggest drop today since December 2008. Terranova said the trade is broken and that he personally has moved from being overweight to underweight.

Lee brought in Brenda Barnes, CEO of

Sara Lee

( SLE), which was up today on a blowout quarter.

Lee asked Barnes what impact higher commodity prices might have on the company. Barnes said the direction of commodity prices depends on the category and supply and demand. She said coffee looks stable while wheat has come down.

She said her company has done well because of its plans to increase its margins, its focus on certain categories with great margin opportunies, its internal restructuring, building strong brands and expanding geographically.

In the final trades, Kelly said he would long the U.S. dollar and grocery stocks such as

Supervalu

(SVU)

. Terranova said liked

Hershey

(HSY) - Get Report

. Grasso said he liked

Abercrombie & Fitch

(ANF) - Get Report

while Finerman liked

CVS Caremark

(CVS) - Get Report

; and Najarian said to buy

Procter & Gamble

(PG) - Get Report

on any dips.

-- Written by David Tong in San Francisco

To watch replays of Cramer's video segments, visit the Mad Money page onCNBC

.

"Check out

"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.

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