The Dow closed below 12,000 on Thursday, slipping back under the psychological barrier that it passed in late January.
Jitters about the oil market and the conflict in Libya, as well as some disappointing economic news, served as a reminder of the fragile nature of the global recovery.
At the close, the Dow Jones industrial average was down 228.48 points, or 1.87 percent, to 11,984.61. The Standard & Poor’s 500-stock index fell 24.91 points, or 1.89 percent, to 1,295.11. The Nasdaq fell 50.70, or 1.84 percent, to 2,701.02.
The FTSE in London settled 1.5 percent lower. The DAX in Frankfurt lost 0.96 percent and the CAC 40 in Paris declined 0.75 percent. Asia markets closed lower.
Bond prices were higher and rates were at 3.36 percent, down from 3.47 percent late Wednesday.
Oil prices were down $1.68 to settle at $102.70, well below their Monday highs. But the markets remained volatile as The Associated Press reported that Saudi forces had opened fire on protesters and violence escalated in Libya, where rebel fighters fled the strategic refinery town of Ras Lanuf under ferocious rocket attacks and airstrikes by forces loyal to the Libyan leader, Col. Muammar el-Qaddafi.
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