Stocks Tank Heading Into Close

(Updated - September 1, 2015 3:59 PM EDT)

S&P 500 hit session lows and the Dow dropped 500 points intraday as markets broke down heading in the close of trading. Some investors were spooked by the market's inability mount a rally today, while extreme volatility caused others to lose heart.

Earlier Bill Gross said markets resemble a casino and questioned who would buy or sell when 1 hour later prices have changed 1, 2, or 3%.

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