The Dow Jones Industrial Average fell more than 500 points, the main reason being the investors lack of faith in the potential revival of the global economy.

On Thursday, the Dow closed down 512.76 points, at 11,383.68, as the day saw the biggest sell off in US stocks since the 2008 banking crisis due to fears of a double dip recession and Europe's financial crisis.

Asian stock markets have followed suit, recording sharp declines extending a global equity sell off Friday.

Japan's Nikkei Stock Average tumbled 3.8%, after hitting its lowest level since March 18, Australia's S&P/ASX 200 lost 4.3%, after touching a two-year low. South Korea's Kospi Composite fell 3.8%, Hong Kong's Hang Seng Index slumped 4.8%, after tapping an 11-month low earlier, India's Sensex declined 2.4%, while the Shanghai Composite Index slid 1.9%.

The European Union has already given financial assistance to Greece and Ireland, two countries that have struggled to pay their debts.

A financial rescue package for Italy or Spain might be more than the group of countries can handle.

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