Stock markets plunge as investors fear global economic slowdown | Stock markets
Global shares tumbled again on Wednesday as fears of an economic slowdown escalated and the oil price hit lows not seen since 2003.
European markets collapsed following more sell-offs in Asia. In New York the Dow Jones Industrial Average had lost over 550 points by 1pm ET but staged a late rally and ended the day down 248 points, 1.55%.
In London, the FTSE 100 finished the day down 203 points, or 3.4%, at 5,673, meaning it has fallen more than 20% from its intra-day high of 7122, reached in April last year.
A fall of 20% represents a “bear market” – one where investors expect further sell-offs.
The falls worsened as investors worried about plummeting oil prices. Brent crude oil dropped $1 to $27.7 and US crude headed towards $26 a…
