Local markets dive after overnight turmoil
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ASX ... slump (Getty Images: Sergio Dionisio, file photo)
A big fall on Wall Street has again sent Australian shares lower.
In New York, the Dow Jones Industrial Average fell by 5 per cent, driven down by investors worried about the risk of a global recession and the ongoing financial crisis.
The Australian share market has lost more than 3 per cent today after diving almost 5 per cent in early trade.
A short time ago, the All Ordinaries index was down 3.4 per cent to 4,441.
The ASX 200 had fallen 157 points to 4,462.
Big miners BHP Billiton and Rio Tinto have dropped more than 5 per cent.
About 1:50pm AEDT the Australian dollar was trading at 71.11 US cents.
Asian markets have also been pulled down by the global turmoil.
Japan's Nikkei index dropped more than 4 per cent to 9,731 in early morning trade.
In South Korea, the market slumped 3 per cent on opening.
