Equity markets around the world took a huge hit yesteday while the U.S. stock market enjoyed a holiday. Markets in Europe, Asia and even Latin America experienced massive declines as fears of a U.S. recession gained even more traction. The Fed agreed to cut rates once again, but many believe that it may no longer be enough to stave off what could become one of the toughest recessions in recent times. The U.S. stock market, which opened today, found itself able to hold off on the massive declines predicted by the futures market on Monday, but losses still came in at over 100 points. It appears like a recession is more likely now than ever before...

From SperoForum.com:
On Monday, fears of a US recession spilled over into Asian markets sending stocks tumbling. Indexes were hammered across the board in what turned out to be the worst day of trading since 2001. In India, the Bombay Sensitive Index plunged 1408 points, to 17,605. In China, the Shanghai Composite dropped 266 points (or 5.5%) to 23,818, while in Japan, the Nikkei fell 535 points, to 13,325 points. The bloodletting stretched across the continent and into Europe where shares nosedived by more than 4% by mid-morning “putting them on track for their biggest one-day fall in more than four and a half years.”