A FRESH BLAST OF COLD AIR swept across global financial and commodity markets on Wednesday, raising fears that the world economy could be heading toward a recession — one perhaps even bigger than the last one.
Further falls in crude oil prices were the catalyst for the widespread sell-off as investors from New York to London dumped stocks. The Dow Jones Industrial Average was down more than 500 points at one point, and US crude fell below $27 a barrel, its lowest level since May 2003.