Dow down 350 points in the midst of global turmoil

Continuing from where it left yesterday, Dow fell by over 350 points or 3.61 percent at 10,766. Nasdaq was trading 85 points lower, down by 3.38 percent at 2,453. All the companies comprising the Dow index are trading lower than their previous close.

Global markets across countries and across asset class have been falling throughout the day.

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Fed triggered the fall by making a statement that there was ‘significant risk’ to the US economy from the Euro zone. This led to a domino’s effect with the Asian markets falling between 2-5 percent and the European falling by 4-5 percent.

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US 10 year bond touched an all time low of 1.75 percent. Commodities have fallen between 4-9 percent.

Gold is trading 4 percent lower, while Oil is down by 5.8 percent, copper is down 7 percent while silver has crashed by 9 percent.

Justifying the fall Euro zone manufacturing and service sectors have contracted in September according to survey of purchasing managers. This stoked fear that the region might slip into recession as it struggles with a debt crisis.

In US the number of first-time filers for unemployment benefits fell last week, but was still above expectations, as the job market continues to struggle.

Earlier in the day China reported a fall in its manufacturing index against an expectation of moderate growth.