US stocks plummeted on Wednesday, Oct 22 due to fear of economic recession.The Dow Jones industrial average sank 514.45 points, or 5.69 per cent, to end at 8,519.21, the Standard & Poor's 500 Index slumped 58.26 points, or 6.10 per cent, to finish at 896.79 and the Nasdaq Composite Index slid 80.93 points, or 4.77 per cent, to close at 1,615.75.
No good news from Asian stocks as well. The Nikkei plunged more than 6 percent, after another dive on Wall Street. At the time Indian markets opened for trade, the broader Topix lost 6.08 per cent, Hang Seng lost 5.92 per cent and Straits Times declined 4.26 per cent.
Not only the equity market but also the commodity market are suffering as well. Copper and aluminium tumbled to their lowest in almost three years dragged down by worries about slowing demand for metals and a resurgent dollar. London Metal Exchange copper for delivery in three months dropped to $4,099 a tonne, its weakest since November 2005 and closed at $4,160 per tonne versus $4,500 on Tuesday, Oct 21.
US crude futures ended down more than 7 pc. Gold tumbled, reflecting a slide across commodity prices, as the dollar firmed to a two-year high against the euro. Spot gold fell more than 3 per cent to a session low of $743.45 an ounce.