(CNN) -- The Dow Jones on Monday fell below 10,000 points for the first time since 2004 as U.S. stocks followed Europe and Asia with heavy losses after government bank bailouts on both sides of the Atlantic failed to stem slowdown fears.
The index was hovering above the 9,800 mark in early afternoon trading as a 4.8 percent drop added to days of losses amid unrelenting financial turmoil.
London's FTSE 100, Germany's Dax 30 and France's CAC 40 all saw significant drops with indexes falling between seven and nine percentage points.
The declines were led by the banking industry, with the mining and oil sectors also suffering.
"What we thought was going to be a contained domestic (U.S.) problem is definitely global," said William Larkin, portfolio manager at Cabot Money Management told CNNMoney. "It is now rooted in Europe and it looks like it is probably spreading to Asia."
In Russia, trading in shares was suspended after the RTS stock index fell more than 15 percent. Iceland's exchange was also closed while the government rushed to draft a plan to deal with the financial turmoil's impact on its over-leveraged banking sector.
In Brazil, stocks lost up to 15 percent, while Asian and Pacific markets closed roundly lower on Monday. Back in New York, the Nasdaq and S&P were following the Dow down with slides of more than five percent.
Oil prices were lower, with U.S. light crude oil for November delivery $3.61 to $90.24 a barrel. The contract briefly fell below $90 for the first time since February.
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(CNN) -- The Dow Jones on Monday fell below 10,000 points for the first time since 2004 as U.S. stocks followed Europe and Asia with heavy losses after government bank bailouts on both sides of the Atlantic failed to stem slowdown fears.
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