S&P 500 Leaders & Laggards: MTG BBBY

The Dow closed at its lowest finish since Sept. 11, 2006, while all the major indexes lost around 3 percent. The S&P 500 fell 38.82, or 2.9 percent, to 1,283.15.

MGIC Investment Corp.'s stock declined $1.07, or 13 percent, to $7.18, and set a 52-week low of $7.14. The mortgage insurer amended some financial restrictions on its five-year credit agreement, according to a Securities and Exchange Commission filing Wednesday.

Shares of diversified financial company CIT Group Inc. declined $1.05, or 12.1 percent, to $7.60.

Shares of Goodyear Tire & Rubber Co. declined $2.27, or 11.1 percent, to $18.24, and hit a 52-week low of $17.62. The company plans to invest at least $1 billion annually through 2010 to expand and improve plants.

On the rising side, shares of Bed Bath & Beyond Inc. rose $1.22, or 4.3 percent, to $29.79, after the home furnishings retailer posted better-than-expected first-quarter results.

Shares of Newmont Mining Corp. rose along with other gold miners, gaining $1.73, or 3.4 percent, to $52.18 as prices for the precious metal soared.

Shares of Sprint Nextel Corp. gained 29 cents, or 3.4 percent, to $8.84 after the company said its touch-screen Instinct smart phone is selling at a record pace.