CNN:
1. The Dow, which had been moderately lower earlier in the day, fell 700 points, or 3.7%. The S&P 500 fell 3.6% and the Nasdaq was down 1.5%.
2. The global economy is on track for a short but sharp recession this year, according to a statement from the International Monetary Fund.
3. The Federal Reserve is now throwing everything at financial markets — essentially what is unlimited QE," wrote James Knightley, ING's chief international economist. "The fear is that if they aren't successful the strains will only exacerbate what is already a desperate economic situation."
