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the dow lost more than 500 points yesterday. investors are running scared over fears the u.s. could be headed into another recession. job numbers will also be out later this morning. if they're worse than predicted that could lead to another big sell-off. the latest on the u.s. and world markets this morning with jay dow in washington and tina kraus in london. jay, good morning. >> good morning to you terrell. if the debt crisis rattled investor confidence there's concern today's new unemployment numbers could send the market into an even deeper decline. today's government report is ...

day fall on wall street since those dark days of 2008. it was driven by fear of another recession and worry over whether spain and italy will have to be bailed out. the dow dropped 512 points today. that's 4.3%. but look at the longer trend. just last april, the dow hit its high for the year. since then, it's fallen more than 1400 points. the decline today wiped out all the remaining gains the dow had made for this year. in the broader market, the nasdaq and the s&p 500 were both off today, either side of 5%. rebecca jarvis is at the new york stock exchange. >> reporter: rome and mad...

dow and s&p 500 have both cropped more than 10% from their highs earlier this year, and that puts u.s. stocks solidly into market correction territory. veteran floor trader art cashin warns more trouble is brewing across the atlantic. skittish european banks and investors look to cash out of american companies. >> there's an old saying on wall street-- when you can't sell what you want to selling you sell whatever you can, including your grandmother's necklace. so i think some of the people in europe are having a very difficult time raising the kind of cap that will they were hoping ...