Wall St tumbles economic concerns; Dow slips 514 points

In US markets, the S&P and Nasdaq tumbled to five-year lows on a series of disappointing earnings from major US companies like Boeing, AT&T and Merck. Dow, in fact had its 7th biggest point drop in history. The CBOE VIX jumped 31% just shy of 70.

The triggers for the fall in Wall Street were weak corporate results, gloomy outlook and slump in commodity prices. Improvement in lending rates fails to bring any relief.

At closing bell, Dow Jones ends down 500 points, S&P 500 declines 6% & Nasdaq falls 4.5%. Crude slips to $ 67/bbl. Gold prices tumble while bonds gain. Dollar was firm against Euro & Yen.

The Dow slipped 514.45 points, or 5.69%, to 8,519.21. The S&P 500 declined 58.27 points, or 6.10%, to 896.78. The Nasdaq composite index plunged 80.93 points, or 4.77%, to 1,615.75.