Dow falls below 8,000, an all time low

NEW YORK (CNN) - The Dow fell more than 400 points to close below 8,000 for the first time in more than five years, the sell-off really accelerating into the close. The Nasdaq and the S&P also fell sharply lower. Investors remained nervous about the future of America's auto industry. Top executives from General Motors, Ford and Chrysler testified for the second day on Wednesday.

It was before the House Financial Services Committee. They called on lawmakers to approve a $25 billion "bridge loan" as Detroit's Big Three grapple with the possibility of bankruptcy. The idea of a bailout seems to be facing more opposition than support at this point. Congress is asking whether taxpayers should be on the hook for rescuing these companies.

Meantime, dire economic news also weighed on stocks heavily today as investors digested a slowdown in consumer spending and more sour news about the housing market. The Labor Department's consumer price index fell further-than-expected while a measure of housing starts and building permits registered record lows in October. As oil goes, so goes gasoline. The national average for a gallon of regular unleaded today fell to a three-year low of $2.05 while crude prices fell below $54 a barrel. The retail sector has also felt the pain of this financial crisis.