Wall Street sank Thursday as oil prices slid, and investors worried that measures taken by central banks may not be enough to put the global economy back on track.
The Dow Jones industrial average closed the day down 174 points, or 1 percent, at 17,542, while the broader Standard & Poor's 500 was down 25 points, or 1.2 percent, at 2,042. The Nasdaq Composite sank72 points, or 1.5 percent, at 4,848.
Crude fell more than 2 percent as a rise in Iraqi exports offset gains from an unexpected fall in U.S. inventories. Exxon fell 1.1 percent.
Minutes from the Fed's March meeting released Wednesday pointed to concerns about the central bank's limited ability to tackle a global economic slowdown, reducing the odds of a rate increase before June.
Asian shares extended losses to three-week lows on Friday after bank shares slumped globally, while the yen soared to a 17-month high against the dollar as investors unwound bets against the yen, calculating that any effort by Japan to drive down the yen would be vigorously opposed by other major economies.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS fell 0.5 percent while Japan's Nikkei .N225 dropped 1.4 percent to near-two-month lows, with financials coming under pressure.
Bank shares led losses in Europe and the U.S. markets on Thursday, amid talk of more lay-offs and cutbacks planned by Europe's major lenders as they struggle with zero rates.
Reference: International Business Times, Reuters
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