The local market was hammered, dragged down again by the major banks and the big miners.
At he close, the ASX 200 was at 4,924.40, down 70.92 points or 1.42%. Overnight on Wall Street the S&P 500 index was down by 0.3%.
All sectors were in the red today with energy stocks losing more than 3% and financials 1.4%.
The major banks, which have been punished lately over fears of increasing bad loans, were all sold down. The Commonwealth lost 2.2% to $71.25 and Westpac 1.95% to $29.13.
BHP dropped 3.2% to $15.98 and Woodside Petroleum more than 4% to $23.94.