Dow crashes over 1,500 points, oil slumps 7%

NEW YORK: Global equity markets fell sharply on Thursday in their worst sell-off since markets crashed in March, while safe-haven assets rose after the US Federal Reserve’s sobering outlook cast doubt on hopes for a V-shaped recovery from the pandemic.
Stocks on Wall Street slid, a 10-day winning streak in Asia came to a halt and major European bourses tumbled about 4%. The Dow Jones Industrial Average fell 1,510 points, or 5.6%, to 25,480 in early trade.
The sensex too tumbled 709 points, or 2%, to close at 33,538 on Thursday. A depreciating rupee and profit booking in banking and finance counters further weighed on domestic markets, traders said.
Oil prices slumped over renewed concerns about demand destruction. Brent crude futures fell over 7%, to $38.72 a barrel on Thursday.