Global stocks plunge over economic turmoil

Traders work on the floor of the New York Stock Exchange before the closing bell on August 4, 2011

Source: Press TV
http://www.presstv.ir/detail/192401.html

Stock markets around the word have plunged amid fears of worsening economic turmoil triggered by the eurozone debt crisis and slow recovery of the US economy.

The US stocks market, on Thursday, suffered its worst day since the financial crisis, as shares tumbled over fears of a new economic meltdown.

At 1600 GMT, the Dow Jones Industrial Average was down 3.5 percent in closing trade and at one point had lost more than 400 points, the Standard & Poor's 500-stock index dropped 3.3 percent in late trading, over a 10 percent drop from its April peak, and the tech-heavy Nasdaq Composite shed 3.4 percent, The Wall Street Journal reported on Thursday.

The decline marked the biggest single-day loss since Dec. 1, 2008, when the stocks plunged 679.95 points in one of the market's worst days ever.

Meanwhile, Frankfurt's Dax and London's FTSE 100 indexes had their worst day this year, closing almost 3.5% lower as there are fears that the debt crisis could hit Italy and Spain.

Experts say evidence of global economic weakness has recently increased, raising fears of another recession on the way.

The EU has also warned that a debt crisis is spreading beyond Greece, Portugal and Ireland and is now striking the heart of the eurozone.