‘Bloodbath’: Australian market erases $60 billion within hours – but don’t panic

Investors sold off shares on Wednesday following a 'bloodbath' on Wall Street, but it's not expected to last. Photo: TND

More than $60 billion was wiped from the Australian stockmarket on Wednesday in a broad sell-off triggered by economic woes in the US.

The ASX All Ordinaries Index finished the day down about 2.37 per cent, reversing four days of gains in the largest daily fall since early August.