Update (11:40 a.m., EDT): Two hours into the trading day, the Dow has given back its gains from late Tuesday, shedding 430 points. Financial stocks led the decline, CNN reported, with fears of a downgrade of French markets stoking a massive slide in Paris, the echoes of which were felt here.
Update (10:30 a.m., EDT): All the markets have fallen more than 3 percent at the end of the first hour of trading on Wednesday. The Dow was at 10,847.24, a 3.49 percent fall; the Nasdaq at 2,403.35, a 3.19 percent fall; and the S&P 500 at 1,126.44, a 3.93 percent fall.
Original: U.S. markets opened with sharp drops across the board on Wednesday, the Dow Jones Industrial Average recording a 1.9 percent drop from Tuesday's close, the Nasdaq 2.9 percent down, and the S&P 500 2.6 percent down. The falls follow a closing rally that ended a wild day of trading on Tuesday with massive swings in each direction.