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From the NYSE website:

NYSE Circuit Breakers

In response to the market breaks in October 1987 and October 1989 the New York Stock Exchange instituted circuit breakers to reduce volatility and promote investor confidence. By implementing a pause in trading, investors are given time to assimilate incoming information and the ability to make informed choices during periods of high market volatility.

In the event of a 1100-POINT decline in the DJIA (10 percent):

Before 2pm, there is a 1 hour halt

Between 2pm & 230pm, there is a 30 minute halt

After 2:30pm, there is no halt.

In the event of a 2200-POINT decline in the DJIA (20 percent):

Before 1pm, there is a 2 hour halt

Between 1pm & 2pm, there is a 1 hour halt

After 2pm, the market closes.

In the event of a 3350-POINT decline in the DJIA (30 percent), regardless of the time, MARKET CLOSES for the day.

http://www.nyse.com/press/circuit_breakers.html

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