US stocks plunged as selling continued on Wall Street on Thursday. Fears of another recession haunted Wall Street as the bloodbath continued. Thursday was a heavy day in Wall Street when you talk of economic data, which was aggravated amidst fears of another US melt down and breaks in the process of recovery.
Wall Street saw a lower ending for NASDAQ by 131.05 points at 2380.43; S&P 500 ended at 1140.65 a low by 53.23 points and Dow ended at 10990.6 a low by 419.63 points.
The ripples at Wall Street had its effects globally. Europe's stock market reacted by plunging as rumours spread, about a financial institution borrowing heftily to the tune of 500 million dollars, from the European Central Bank. Morgan Stanley also scaled down their predictions for global growth.
On the other hand precious metals shot up as investors invested heavily in bullion amidst fears of global recession. Both forward deliveries for gold and silver rose as a result.

Indian stock market is in bear market as the Bombay stock exchange's sensitive index is down by 21.59 per cent. Stocks are said to be in bear market if the sensitive index is down by 20 per cent. On Thursday, Sensex closed at 16,467.79 making it to fall by 2.2 per cent.
Mr Sanjiv Zarbade, the vice president in the equity research team at the Mumbai brokerage firm Kotak secruties ltd believes that the all the gains of the investors were wiped due to the fall in sensex.
Many information technology companies procured big losses as the Bombay stock exchange's information technology index fell down to 4 per cent.
Because of the global economic slowdown the Indian stock markets have been hammered which could faultily affect India.

The Wall Street fed on the fear and plummeted, amid growing concerns about the European economic scenario. Wall Street experienced massive sell-offs, with investors putting money into safe US government bonds. The situation at Wall Street was such that all major stocks fell and the price of gold flew to $1,822 an ounce.
The Wall Street behaved this way due to scarily real indications of this being a double-dip economic depression, highlighted by the as of yet unrecovered European banks' scenario.
Wall Street industrial average fell 3.68% to 10,990.58, Standard & Poor's 500 Index declined 4.46% to 1,140.65 and Nasdaq lost 5.22%.
Only time will tell if Wall Street covers up all losses or fails to recover at all.