Wall Street joins global equity plunge

NEW YORK (Reuters) - Stocks slid sharply on Tuesday, joining a global equity rout on fears of a U.S. recession and pushing the Nasdaq into bear market territory. Investors dumped equities even after the Federal Reserve cut interest rates by 75 basis points iSave Nown a surprise intermeeting decision.
The move from the U.S. central bank follows two days of sharp losses in Asia and Europe on worries a deteriorating U.S. economy would drag other regions down with it. The U.S. stock market was closed on Monday for the Martin Luther King Jr. Day holiday.

I wonder how worried we should be about the state of the economy at this point?