U.S. and global stocks tumble, Dow Jones loses 495 points

NEW YORK, New York - U.S. stocks tumbled Thursday and the mostly dollar rallied, as new economic data pointed to a downturn in the American economy and increasing prospects for a recession.

U.S. Initial Jobless Claims for the week ending 26 July surged to 249,000, well above the expected number of 236,000, and last week's 235,000.

July's U.S. ISM Manufacturing Purchasing Managers Index (PMI) dropped sharply