Freefall Friday: $84b - worst day in 21 years
ASX ... market plunges (Get Image)
The Australian share market has plunged in opening trade after a disastrous session overnight on Wall Street.
Shares have slumped more than 5 per cent in the first half hour of trade.
About 10:30am AEST, the All Ordinaries index was down 229 points to 4,062, the lowest level in nearly three and a half years.
The ASX 200 lost 222 points to 4,092.
Earlier today it was tipped the local market would follow the United States down as Wall Street hit a new five-year low.
This morning the Dow Jones Industrial Average finished down 678 points, closing under the 8,600 mark.
The last time it dropped below 9,000 was in August 2003.
The Nasdaq slumped more than 5 per cent and the S&P 500 retreated 7.5 per cent.
Overnight, the Australian futures market plunged with the Share Price Index 200 ending down 4.2 per cent.
The Australian dollar also dipped against the greenback this morning after it rose above 71 US cents overnight.
It is now buying about 68.2 US cents.