THE ASSOCIATED PRESS I AP 360

New York City, USA | 05 August 2011

Fears about the global economy led to the biggest panic in stock markets since the 2008 financial crisis.

Global stock markets tumbled Friday amid fears the U.S. may be heading back into recession and Europe's debt crisis is worsening. The sell-off follows the biggest one-day points decline on Wall Street since the 2008 financial crisis.
Investors fretted over the U.S. economic recovery ahead of Friday's release of crucial jobs figures for July, which often set the tone in markets for a week or two.

The growing fear about the weakening U.S. economy was joined by concern in Europe that the troubled economies of Italy and Spain might need help from the European Union.

The EU has already given financial assistance to Greece and Ireland, two countries that have struggled to pay their debts. A financial rescue package for Italy or Spain might be more than the group of countries can handle

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