The "Wall Street" sign is seen with the flags that decorated the facade of the New York Stock Exchange as stocks rebound a bit from their early morning plunge after the news that the Federal Reserve has cut interest rates by .75 percentage point as recession fears grow in New York City. (UPI Photo/Monika Graff)...

The DJIA's previous low for the year was on March 16 at 11,740.15. By the close Thursday, the average had fallen 358.41 points, or 3.03 percent, to 11,453.42. The Standard & Poor's 500 index lost 38.82 points, or 2.94 percent, to 1,283.15, while the Nasdaq composite index dropped 79.89 points, or 3.33 percent, to 2,321.37.

Metals and mining was up 7.05 percent as a group with tires falling 10.39 percent, footwear dropping 8.47 percent and mortgage finance dropping 6.9 percent.

On the New York Stock Exchange, 479 stocks advanced and 2,692 declined on volume of 1.535 billion shares traded.

The 10-year U.S. Treasury note gained 15/32 to yield 4.0643 percent.

The euro traded at $1.5757 from Wednesday's $1.5764, while the dollar traded at 106.75 yen from Wednesday's 106.69 yen.

In Tokyo, the Nikkei index lost 7.60 points to 13,822.32, off 0.05 percent.

In London, the FTSE 100 index fell 147.90 points to 5,518.20, off 2.61 percent.