NEW YORK (Reuters) - Stocks plunged on Monday, sending the S&P 500 down more than 5 percent and the Nasdaq down more than 6 percent, on fears the widening credit crisis would drag the global economy into recession.
Wall Street's tumbled followed a sharp drop in Asian markets, while major European equity indexes fell 8 percent.
A slide of more than 4 percent in oil prices underscored concerns about the toll of the credit crunch will take on business investment and consumer spending.
The Dow Jones industrial average was down 493.89 points, or 4.78 percent, at 9,831.49. The Standard & Poor's 500 Index was down 63.00 points, or 5.73 percent, at 1,036.23. The Nasdaq Composite Index was down 117.52 points, or 6.03 percent, at 1,829.87.
It was the first time the Dow had broken below 10,000 intraday since October 2004.
(Reporting by Ellis Mnyandu, Editing by Kenneth Barry)
