Shares on Wall Street have opened lower today, sending the London market even further south.
The Dow Jones industrial average has fallen more than 100 points from last night's close of 7465.95, the lowest level of the financial crisis.
Investors are feeling increasingly beleaguered by the onslaught of negative news and fears that the recession will prove to be longer and more severe than previously expected.
There are also worries that US plans to rescue banks may end up involving the nationalisation of Citigroup and Bank of America.
The Dow Jones dipped to 7327.04, nearly 140 points down on last night.
The FTSE 100 has been in negative territory all day and has fallen as far as 3877.76, more than 140 points off last night's close.
The blue-chip index now looks almost certain to close below the symbolic 4000 mark for the first time since 21 November.
Only seven of the top 100 companies are recording gains, with mining group Anglo American leading the fallers, down 14% at £10.62.
