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European, Asian Markets Whomped

Stock quotes in this article: IBN , HBD , SOHU , BIDU , INFY , WIT , SNE , MTU  

Updated from 7:50 a.m EST

Stock markets around the world convulsed Monday on concerns the U.S. economy is headed for a recession that could spread overseas.

U.S. markets were closed Monday in observance of Martin Luther King Day, but bourses elsewhere saw sharp declines. London's FTSE-100 lost 5.5%, closing at 5,578.20. It was the British benchmark's worst one-day decline since Sept. 11, 2001. Elsewhere, Germany's DAX 30 slumped 7.2%, and France's CAC-40 index plummeted 6.8%. ...

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