Stocks Sink On Global Slowdown Fears

U.S. stocks are following global stock markets lower today, but have worked off the worst levels. Fears of a major global slowdown is driving the action. At 10:20AM ET the Dow was down 370, the Nasdaq is down 70 and the S&P 500 is down 42.

European stock markets were weaker across the board after data showed that UK's growth was down 0.5% in the third quarter. Germany's DAX fell over 10%, the French CAC40 sank 10% and UK's FTSE 100 slipped nearly 9%.

Asian markets were also hit hard, with Japan's Nikkei 225 falling nearly 10% and South Korea's Kospi also falling 10%. Japan's major automotive company Toyota (NYSE: TM) reported a decline in quarterly sales for the first time in seven years.

Crude continued to plunge today, dropping another 5% to the $64 range even after OPEC cut oil production by 1.5 million barrels per day.

The U.S. dollar was stronger against the Euro, but weaker against the Yen.