In what's been a topsy-turvy day for the market, stocks were pressing to new lows around 2:40 p.m. ET with the Dow down as many as 400 points, the S&P 500 dropping over 45, and the Nasdaq losing 135.

Earlier this morning, Dow futures had been off as many as 370 points, S&P 500 futures were down 43 points, and Nasdaq futures were down 126.

This decline comes a day after US stocks sold off on Wednesday, with the Dow falling 252 points and the S&P 500 closing below 2,000. Stocks in Europe were also getting whacked on Thursday.

Crude oil had earlier broken to new lows on Thursday, with West Texas Intermediate crude falling another 4% to trade as low as $32.10, breaking the floor of $32.80 hit during the financial crisis to mark a 14-year low for the commodity. Brent crude, the international benchmark, was off nearly 4% to trade as low as $32.17 a barrel.

Following a report that Saudi Arabia's state-owned oil giant Saudi Aramco could be thinking about an IPO, oil prices rallied and were sitting unchanged near 11 a.m. ET.