A '3 per cent plunge on the Dow Jones Index' is sparking fear that the US is on the verge of another recession as 'more than 60 billion of wealth was burnt' on the Australian sharemarket.

One analyst said there was "a plausible scenario in which the US stock market now collapses by another 70 per cent" and former US Treasury Secretary Larry Summers tweeted  "as in August 1997, 1998, 2007 and 2008 we could be in the early stage of a very serious situation".


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