Thursday’s 350-point stock plunge and oil’s surge above $140 a barrel shook up professional and individual investors alike. Here’s what people in and around the markets had to say about the tumultuous day, and what may await investors when they return tomorrow:

This is much worse than March. Several clients called and decided to liquidate their entire accounts because they can’t stand it anymore. The stock market today is clearly oil vs. stocks. Oil goes up, stocks go down, even the oil stocks. We are seeing signs among clients of sheer panic.” — David Kotok, chairman and chief investment officer at Cumberland Advisors

“Today was an intensification of concerns that have been weighing on the market for a while. There’s a realization that the consumer is challenged, and not just in the U.S. There’s also a concern about sluggish growth and inflation.” — Larry Puglia, manager of T. Rowe Price Blue Chip Growth Fund

“There’s blood in the streets. All the criteria are there to begin to cover your shorts — you don’t want to be there when they start to turn. You don’t want to call the top or the bottom.” – Jonathon Trugman, equities hedge fund manager, Pendulum Capital Management LP

“Today is a collapse of confidence. People are very worried about inflation.” — Susan Byrne, portfolio manager, WHG LargeCap Value Fund

“Financial markets are still very stressed with a lot of pain and more pain that needs to be felt with financials. That was the main catalyst for the market today.” — Greg Woodard, portfolio strategist with Manning & Napier Equity Fund

“It’s downright scary. In the old days, people were always critical of momentum investors chasing stocks up. But now it’s pretty evident that the hedge funds are chasing momentum down, and that shorting creates a lot of volatility. There’s whipsaw from day-to-day, rotating from sector to sector.” — Thomas Vandeventer, portfolio manager of Tocqueville Asset Management LP

“The day was unpleasant, we like our clients to be making money. But on a relative basis we did have a good day. Stock selection is really the key. We have all year favored energy over financials. But I’ll tell ya, we’re starting to get interested the other way for the first time. “ — Carol Miller, co-fund manager for Federated Capital Appreciation fund

“People are hunkering down, saying this is just what we’re going to be living in for a while. This was not the cathartic capitulation we’ve been waiting for. It’s remarkably tempered for as bad as things are.” — Mark Lehmann, president and director of equities at JMP Group, a boutique investment bank and investment-advisory firm in San Francisco.

“I’ve been short for so long. But I’ve got to be honest – we’re winning and it’s not a lot of fun. It’s like, I know people who were short airline stocks going into 9/11. They made all this money and felt like crap. A lot of people are going to wake up and not be able to pay their mortgages.” — Bennet Sedacca, president of money-management firm Atlantic Advisors LLC

“This is even worse than a recession. Everyone is afraid to spend money. It’s very depressing.” – Kevin Flanagan, a construction worker standing outside the New York Stock Exchange Thursday just as the market closed.

“We keep seeing a lot of bad stuff. Oil is up, the market is down, and big players like Citi and GM are crashing — it’s a little bit scary. My 401k is tanking.” — Ed Regan III, senior vice president of Wilbur Smith Associates.

“There are a lot of things that make it really hard for the market to go up. When there are a lot of worries, they come together and they clearly make the market react.” — Leah Peskin, with executive search firm Cromwell Partners

“This foreclosure problem we’re facing might last for a while and I’m going to get out of these banks.” – Austin E. Brazee, an accountant in Pittsfield, Mass.

“There’s just so much emotion in the marketplace. We’re not selling anything, because this too shall pass. It’s not the end of the world, but it sure feels like it.” — Neil Hennessy, portfolio manager of the $2 billion Hennessy Funds

“We bought more than you sold today. In environments like this, they’re trading stocks based on emotions and not on value, that’s a great time for value investors to pick up bargains. This is a great market for us.” – Glenn Tongue, partner, T2Partners LLC

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