A midday rally on Wall Street collapsed Thursday as U.S. jobless claims rose and lawmakers scrambled to assemble a plan to help Detroit automakers.

After the Dow Jones industrial average fell to a five-year low Wednesday, the Standard & Poor's index dropped to 752.44 points Thursday, an 11-year low.

Lawmakers in Washington asked U.S. automakers to submit plans for how they would spend up to $25 billion in bridge loans by Dec. 2. Jobless claims rose by 27,000 during the week ending Nov. 15, the government said, and Citigroup (NYSE:C). shares fell for the eighth session out of the last nine, falling 26.41 percent.

By close, the Dow Jones industrial average was down 444.99 points or 5.56 percent to 7,552.29. The Standard & Poor's 500 index fell 54.14 or 6.71 percent to 752.44. The Nasdaq index fell 70.30 or 5.07 percent to 1,316.12.

The 10-year U.S. Treasury bond rose 2 29/32, yielding 3.008 percent.

The euro fell to $1.2441, compared to $1.2526 Wednesday. Against the Japanese yen, the dollar fell to 93.70 yen, from 95.79 yen.

In Tokyo, the Nikkei average lost 570.18 points to 7,703.04, off 6.89 percent.