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US stocks have suffered their biggest one day decline in over 20 years as fears grew that central bank moves to rescue ailing financial markets would prove insufficient to avert a global recession. By Jonathan Sibun, Angela Monaghan and David Litterick 'Pure panic' grips Wall Street as the Dow suffers its biggest drop since Black Monday in 1987 Photo: AP The Dow Jones index fell 678.9 to 8579.2, its biggest percentage drop since Black Monday in October 1987 and its third biggest points decline in history. In a staggering final hour of trading, the Dow fell more than 400 points after Standard & Poor's downgraded car maker General Motors and investors were forced to sell off shares to meet margin calls. The S&P 500 fell 75.0 to 909.9 while the Nasdaq closed down 95.2 at 1645.1, its lowest level since August 2003. Trading... [read full story]
