MidDay Digest: Global Rout Underway; Asia, Europe Down Big, US Stocks Plunge

This is a Money Daily update on the churning volatility in stocks, which has taken on prodigious proportions as of Tuesday and extended - after an unusual break due to President Trump ordering all federal offices (and with it the stock market) closed in mourning for the late George H.W. Bush, 41st president - into Thursday's trading.

Asian stocks were wracked as the sun rose from the Pacific. Japan's NIKKEI was down nearly two percent, and Hong Kong's Hang Seng fell 2.47%. European markets opened lower and the selling accelerated throughout the day. Of particular note was Germany's Dax, which stood at 10,810.98 by the close, down 389.26 points (-3.48%). The DAX is now down 19% from its October 30, 2017 high. Another 100-point decline will put it officially into a bear market.

Other European bourses were hit hard, with losses of three to three-and-a-half percent on all major exchanges.

When stocks opened in New York, the rout had reached critical velocity. The ow opened down more than 400 points and continued selling off. At one point, the Dow was down more than 700 points, but has recovered somewhat as of this writing. With the NASDAQ already in correction territory, the Dow and S&P are close, both down roughly nine percent from recent highs.

There will be another post here after the market closes. Look for a full recap about 7:00 pm ET.