London’s FTSE 100 stock index fell 4.52 percent to 3,824.82 points. In Frankfurt the DAX lost 5.06 percent to 4,133.59 and the CAC 40 in Paris plunged 5.35 percent to 2,922.71.

Wall Street hit its lowest point since 2003 as government data showed jobless claims surged last week to a 16-year high of 542,000 as heavy selling struck all global markets.

The Dow Jones Industrial Average fell 2.52 percent to 7,795.69 points. The tech-heavy Nasdaq dropped 2.58 percent to 1,350.61 and the Standard & Poor’s 500 index shed 3.45 percent to 778.74.

Patrick O’Hare at Briefing.com said the mood on Wall Street was cautious.

“The urgency to buy in the wake of (Wednesday’s) sell-off isn’t there, most likely because investors have grown weary over the repeated failed rally attempts that have subsequently led to new lows,” he said.

“Stocks could head lower still, yet the upshot is that, when that hopeless feeling hits, it typically means the market is close to a short-term bottom at least and that a meaningful move higher is in the offing.”

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