Its a Crash! Dow Jones falls 358 points, Chinese fear spills over

The instability in the Chinese market seemed to spill over the U.S. stock as well, as it crashed to its worst performance in the last 18 months on Thursday.

The Dow Jones industrial average plunged 358.04 points, or 2.1 percent. The S&P 500 dropped 43.88 points, or 2.1 percent while  Nasdaq composite lost 141.56 points, or 2.8 percent.

According to media reports, this is the biggest percentage loss for Dow Jones and S&P 500 since February 2014.

The volatility in the Chinese markets has had a ripple effect world over. The Shanghai Composite Index, which crashed 3% earlier this week due to heavy selling-off in the energy and property verticals, have the investors wondering if the world's second largest economy will stabilise in the coming month. Chinese manufacturing plunged to the lowest since 2009, which only contributed to the existing panic in the markets.