Major stock indexes in the United States dropped sharply on Thursday echoing losses in Europe and Asia. Dow Jones industrial verge fell 3.7 per cent while Nasdaq composite index slid 5.2 per cent. Stocks closed sharply lower in Europe. London's Financial Market index dropped 4.5 per cent while in Paris, CAC-40 fell 5.5 per cent and the DAX index in Frankfurt, Germany finished 5.8% down. In Asia, Tokyo's Nikkei index lost 1.3 per cent and Hong Kong's Hang Seng index slumped 1.3%.