S&P on Wall Street fell 9% the biggest decline since 1987. Oil prices have hit a low of $75-90.
The fear is that the US is now in recession. Although this can probably taken for granted given the events of the last few weeks - the assesssment that the US is in recession is based on data covering the time period before the current upheaval. Thus expectations are for a deep and probably prolonged recession.
Update: By 2-30 am the index had fallen 6.4%. BHP-Billiton had fallen $4 to around $26. At about this time I received the following clip from The Times Online - 'the world prepares for a long recession'.