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Australian stocks are tanking

Matt Cardy/Getty Images

The Australian market is being smashed.

The ASX 200 index fell through 4900 points as investors reacted to big falls on Wall Street overnight with the S&P 500 closing down 1.9%.

AT the close, the ASX 200 was at 4,876.80, down 116.52 or 2.33%.

All ten sectors were in the red with energy stocks, reacting to more falls in the price of oil, losing 3.9%.

The NAB, which started trading ex the float and demerger of Clydesdale Bank, was down 5.5% to $26.36. The ANZ dropped 3% to $23.67, Westpac 2.9% to $29.43 and Commonwealth 2.9% to $75.73.

BHP was 4% lower at $14.30 and Rio Tinto 1.2% to $37.06.

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