Global stock markets plunge on banking fears

The Dow Jones average of shares listed in New York sank below 10,000 for the first time since 2004 as equities markets around the world plunged on signs that troubles in the global banking system had further intensified over the weekend.

The Dow Jones Industrial Average of shares listed on the New York Stock Exchange was down 523 points (5.07%) by 13:52 local time at 9,801.

The Dow's woeful performance was matched by other US indices. The Standard & Poor's 500, the widest general market index