Selling was widespread, with commodity-related shares tumbling as resources ranging from oil to silver were stung by fears that the economic gloom will curb demand and as the U.S. dollar firmed.
The Dow Jones industrial average <.DJI> dropped 176.58 points, or 1.99 percent, to 8,693.96, while the Standard & Poor's 500 Index <.SPX> shed 20.26 points, or 2.20 percent, to 898.95. The Nasdaq Composite Index <.IXIC> slid 35.84 points, or 2.22 percent, to 1,580.90.
NYMEX-NEW YORK, Nov 11 (Reuters) - U.S. crude futures settled on Tuesday below $60 a barrel for the first time since March 2007 as demand concerns deepened amid slumping equities and as the dollar strengthened.
Crude futures fell sharply even after a fresh indication from OPEC of another output cut if prices keep falling and amid signs of slowing demand from China.
On the New York Mercantile Exchange, December crude
CBOT-SOYBEANS - November contract
Declining stock markets amid concerns about China's economy, falling crude oil and a strong dollar combine weigh on soybean futures.
China saw soybean imports nearly halve in October but shipments should bounce back in November. U.S. traders have been reporting rising export demand from China during the past few weeks.
CBOT-SOYOIL - December contract
FCPO-JAKARTA, Nov 11 (Reuters) - Malaysian palm oil futures fell more than 2 percent on Tuesday on weaker crude oil and concern over a build up in supply as demand fades, traders said.
The benchmark January contract
REGIONAL EQUITIES-BANGKOK, Nov 11 (Reuters) - Southeast Asian stocks fell on Tuesday, hit by growing fears of a global economic slowdown, with financials and other blue chips such as Singapore's SingTel, Thailand's AIS and Malaysia's IOI Corp posting big declines.
Singapore's Straits Times index <.FTSTI> tumbled 4.1 percent.Thai stocks <.SETI> dropped 3.1 percent, led by a 6.6 percent fall in Advanced Info Service
Vietnam's index <.VNI> fell 3.9 percent to end at a one-week low.