The global financial market plummeted over U.S. and European stocks and international oil prices on Thursday.

The Dow Jones Industrial Average tumbled four-point-three percent while the Nasdaq composite index plummeted five percent.

It was the worst day for the New York stock market since December, 2008, when a financial crisis shook the global economy.

Major European bourses, such as London and Paris, also lost three or four percent, continuing their downward slide for five consecutive sessions.

The prices of raw materials including oil also dipped.

The prices of West Texas Intermediate crude dropped nearly six percent to some 86 dollars per barrel, while the prices of silver fell six percent.