US stocks fall

Wall Street has suffered its biggest drop in 21 years amid fears of a global recession.



BBC reports said US share prices have plummeted nearly 8 percent despite government action to strengthen the financial system.



Chairman of the Federal Reserve, Ben Bernanke, said the US economy now faces a significant threat from the credit crisis.



Treasury Secretary Henry Paulson has hinted that he does not expect to return to the post in the new US presidential administration after the November election.



Many on Wall Street have reportedly expressed concern about Mr. Paulson’s impending resignation in the midst of the credit crisis.



Some investors are now convinced that the US economy, if not already in a recession, is moving towards one.