The Nikkei 225 in Japan recovered slightly after dropping 11%, but is still down 9.7% at the time of this writing, with futures down 13%.

Markets in Australia, South Korea, Thailand and the Philippines were all down more than 7% with Shanghai's index down 3.8%.

In Hong Kong, the Hang Seng Index dropped 7% to 14847.55, while the Hang Seng China Enterprises Index stumbled 8.3% to 7101.18.

Trading on the Jakarta Stock Exchange has been suspended indefinitely after the index plunged 21% over three days earlier this week.

As Friday approaches in the United States, financial analysts can only be quaking, fearing yet another huge drop. The DJIA has dropped for seven straight days, losing over 20% in that period. This is the longest losing streak for the Dow since July 16, 2002.