The stock market continued its cliff diving today, with both the Dow Jones Industrial Average and Standard and Poor’s 500 Index closing at their lowest levels in more than a decade — cementing worries about the deepening recession.

As Calculated Risk puts it, it’s time to party like it’s 1997.

Indeed, the Wall Street Journal runs the numbers:

The Dow Jones Industrial Average, which suffered a 485-point slide last week to hit new bear-market lows, ended down 250.89 points, or 3.4%, at 7114.48, its lowest closing mark since May 7, 1997. The S&P 500 dropped 26.72 points, or 3.5%, to 743.33, its lowest close since April 11, 1997.

The economy was booming in those Clinton years. But it’s painful to see the stock market falling back to  mid-1990s levels.

When it comes to the stock market, forget about nostalgia. Just cross your fingers and hope for an end to the free fall.