The US financial markets were on the brink of a record-breaking slump today as Wall Street reacted to signs that the credit crunch is spiralling out of control to threaten the stability of economies around the globe.
In six business days, the Dow has slumped by nearly 11% and prices are 30% below their peak, reached in October 2007.
On Wall Street, banks suffered a severe sell-off and there was bad news after the market closed as Bank of America revealed a 68% drop in profits.
Wall Street's tumble was part of an international epidemic.
Trading was halted at stockmarkets in Russia, Brazil and Peru.
The issues are worldwide. People are scared and the only thing they're doing is selling.
