New York: US stocks performed dismally overnight.
Wall Street extended a two- week drop as concerns of recession deepened.
Japan unexpectedly slid into a recession and Britain's biggest business lobby said the UK slump may be deeper than earlier predicted.
The Dow Jones industrial average saw a 226 point decline, a loss of 2.6 per cent, to 8,273.
The S&P 500 fell by 2.58 per cent, to 850 after swinging between gains and losses at least 18 times as energy shares climbed earlier in the day.
The Nasdaq fell 34 points or 2.29 per cent, to close at 1,482 points
Crude is presently trading at around $55 per barrel.
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