Stocks have taken a deep dive with the Blue Chip Dow Jones Industrial closing below 8000 for the first time since 2003.

Despite a series of steps taken to shore up markets world wide, Dow lost more than 600 points or over 7 per cent in a single day to close at 8579.19 on Thursday.

The technological stock heavy Nasdaq too took beating at the hands of investors losing 95 points or 5.5 per cent of value to close at 1645.12.

Standard and Poor's also lost 72 points or 7.3 per cent and closed at 912.43.