Stock market plunges

BREAKING: Following a major drop in the Chinese stock market today, the DJIA is currently down about 500 points.

UPDATE: Via Reuters:

Stocks tumbled on Tuesday, sending the benchmark S&P 500 index to its biggest one-day slide in more than 3-1/2 years as China's equity market sell-off fanned worries that stock valuations there are too high and some data indicated U.S. economic growth may slow.

During the session, the Nasdaq Composite index dropped 3 percent as investors dumped technology shares and the stocks of other companies that rely heavily on Chinese demand.

"Fear has infected the financial markets," said Frederic Ruffy, an options analyst at Optionetics, an options education company in Redwood City, California.

UPDATE #2: Perhaps the 'progress' in Afghanistan or the 'progress' in Iraq has something to do with it.

Developing...