The Global Credit Crisis Comes to Asia

After sinking as low as 8,244, the Dow closed today at 8,691, But the end-of-day gains into positive territory didn't sway Asian markets after the U.S. close.

Fearing a more prolonged economic downturn as a result of the ongoing crisis in credit markets and the housing industry, Asian markets plunged on Friday. Japan's Nikkei 225 stock average was down more than 7 percent to 7,847 in afternoon trading, the lowest level in more than 5 years, and Hong Kong's Hang Seng index fell 4.6 percent to 13,125.