Breaking News! The financial tsunami continued to play havoc in the US market. The recession fears loom large over the United States, as Dow Jones witnessed its biggest drop in the past 21 years. The Dow dropped 733.08 points or 7.9% to 8577.91 causing panic in markets across the world. If we believe the indications, the US economy is heading towards its deepest recession since the Great Depression in 1980s. The global crude oil prices reached a 13-month-low of $75 per barrel.Other indexes including the Standard & Poor's 500 stock index, fell sharply. Investors across the globe lost about $1.1 trillion during the US market crash on Wednesday. This is the second time in stock history that investors lost over $1.1 trillion in a day. Asian markets too witnessed a decline. India's BSE Sensex crashed by over 600 points, while Tokyo's Nikkei Stock Average fell by 9.7%.
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