With the Dow, we're not operating in a 14,000 paradigm anymore.

We started the day operating in an environment with half that former value comprising the overall pool.  That changes the nature and significance of a 299 point drop:

The Dow decreased 299.64 points, or 4.2 percent, to 6,763.29. The Standard & Poor's 500 Index dropped 4.7 percent to 700.82, the lowest close since October 1996.

Bottom line: Those are some stupendous loss percentages for a single day.