Dow falls 1k on Eurozone debt fears

SHOCKER ON WALL STREET

Index Recovers After Its Worst Fall Since 1987 | Greece Clears Austerity Bill

New York/Athens: Stocks plunged in the US on Thursday as investors succumbed to fears that Greece's debt problems would halt the global economic recovery. The Dow Jones industrials slid almost 1,000 points, its worst fall since 1987, before recovering to a loss of 401 at 0045 IST. 
    The sudden drop was a painful flashback to the worst days of the 2008 financial crisis. Computer programs intensified the selling while investors watched protests in the streets of Athens on TV. Fears are running high in the financial markets that the Greek government will not be able to implement austerity measures that would enable it to contain its debt problems. And, in turn, that the country's problems will hurt other economies in Europe and even the US 
    Even the passage of an austerity bill in the Greek parliament didn't seem to stem the plunge. Severe austerity cuts are mandatory for Greece to get $130 billion EU-IMF aid. 
    The Dow's gyrations showed the high emotions in the markets. Down 998.50 points in mid-afternoon, it recovered minutes later. 
Crude falls below $75 
US crude oil prices settled more than 3% lower on Thursday on Greek debt worries hitting demand. On the NYMEX, June crude fell, $2.86 to settle at $77.11 a barrel, but traded as low as $74.58 a barrel briefly. AGENCIES