Stocks plunged in Thursday's session with the Dow giving up nearly 450 points briefly before finishing down 311 points. This was the worst one day drop of the year, which caused investors to move money into bonds. The early selloff was fueled by new home sales data that continued to be disappointing. New home sales fell 6.6% last month, the largest percentage drop since sales fell by 12.7% in January.

Crude oil futures for September delivery rose 1.2% to $74.95 a barrel on growing concern about falling supplies in the U.S.  Gold futures for August delivery fell 1.7% to $675.10 an ounce. To read today's futures market recap, click here.

Around Europe, Germany's DAX index fell 2.4% to 7,508.96, France's CAC 40 dropped 2.8%, and Britain's FTSE 100 index lost 3.2% to 6,251.20.

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Darren Wong
Associate Editor
darrenw@tradingmarkets.com

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