Australian stocks are tanking

Pat Cash of Australia falls during the FAST4Tennis exhibition match against Matt Wilander in Sydney. Zak Kaczmarek/Getty Images

The Australian market fell hard in early trade.

At one stage the ASX 200 was dow 1.7%. At the close, the index was at 4,858.70, down 34.10 points to 0.70%.

Investors were reacting to more sharp falls in the price of oil and a bad session on Wall Street where the S&P 500 closed down 2.2%.

BHP was down 2.9% to $14.630 and all the major banks had lost ground. Energy stocks were down 3.4% as a group.

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