NEW YORK - Wall Street declined overnight as a weaker-than-expected report on the US housing market raised fresh fears about an economic recovery and ended a rush into banking stocks.
Record losses reported by Ford Motor Co, forced to step up its restructuring, also contributed to the negative tone in the market.
The Dow Jones Industrial Average sank 283.1 points, or 2.43 per cent, to close at 11,349.28 and the broad-market Standard & Poor's 500 index retreated 29.65 points, or 2.31 per cent, to 1,252.54.
The Nasdaq composite shed 45.77 points, or 1.97 per cent, to 2,280.11.
LONDON - European stock markets suffered sharp falls Thursday.
The London FTSE 100 index shed 87.6 per cent, or 1.61 per cent, to close at 5,362.30.
FRANKFURT - The Dax gave up 95.39 points, or 1.46 per cent, to end the day at 6,440.70.
PARIS - The CAC 40 lost 60.75 points, or 1.38 per cent, to finish at 4,347.99
TOKYO - The Tokyo Stock Exchange's benchmark Nikkei-225 index gained 290.38 points to close at 13,603.31.
HONG KONG - The benchmark Hang Seng Index dropped 46.83 points to 23,087.72.
WELLINGTON - The benchmark NZSX-50 index closed up 85.58 points, or 2.76 per cent, to 3287.22, the biggest gain since a 90 point rise on February 18.
