World Wide Stock Markets Are Falling

The price of oil also dropped to below $100 a barrel.

Wall Street's Dow Jones average was down as much as 705 points. The S&P/TSX composite index in Toronto was down as much as 873.91 points.

Across the ocean the stocks also felt the crunch of the US congress negative vote for a bailout with London's FTSE 100 down 3.2 per cent. In Tokyo the Nikkei 225 index was down 1.3 per cent and Hong Kong's Hang Seng Index fell 2.1 per cent.