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Photographs of traders in Tokyo and a graphic showing the Nikkei's decline from the AP

Global markets fell as worries about the recession continued: Tokyo's Nikkei fell more than 9%, closing under 8,000 for the first time since April 2003 and European markets fell after the official news that the "British economy shrank more than expected and for the first time in 16 years." The Dow Jones and S&P 500 futures trading were "limited to prevent contracts from further declines after drops of more than 6 percent." Both will open for trading later, though.

The NY Times reports, "Stock markets around the world are troubled by worries over looming economic disruption following the financial market meltdown. Investors are concerned that a radical slowdown will harm companies’ profitability more than previously feared."

Update, 11 a.m.: Stocks fell 400 points in early trading; the Dow is now down about 327 points (-3.78%) and the Nasdaq and S&P 500 are off 3.5-3.9%.