Stocks dive on belief global recession is at hand

All stock markets are down on growing belief that severe global recession is at hand. How low will they go? Could we hit a bottom today? Wall Street is joining world stock markets in a precipitous plunge, with the Dow Jones industrials dropping more than 400 points in the opening minutes of trading. The growing belief that the world will suffer a punishing economic recession has investors furiously dumping stocks. Grim news from overseas has added to the worldwide gloom. Big companies including Sony and Daimler are warning of tough times ahead, joining U.S. companies in scaling back their earnings forecasts. The Dow is down more than 400 points bellow 8,300 level. All the major indexes are down more than 4 percent.