NEW YORK (CNNMoney.com) -- International stock markets tumbled Friday over concerns about the debt crisis in several European nations.
Global markets plunged across the board. The FTSE in London and the DAX in Frankfurt both fell more than 1% in midday trading amid fears of potential credit defaults by Portugal, Spain and Greece.
Japan's Nikkei index ended nearly 3% lower, while Hong Kong's Hang Seng index tumbled 3.3%.
European debt concerns riled Wall Street on Thursday, dragging down the Dow by 268 points. U.S. futures were down on Friday, indicating that Wall Street could take another hit.
"It all has to do with the meltdown in Europe," said Peter Cardillo, chief market economist for Avalon Partners. "Right now, the market is still traumatized over the debt in Greece, Portugal and Spain, and that's basically what caused the decline."
The big question now, said Cardillo, is how long it will last.
"Will the market be convinced that this is a temporary storm causing a correction, or is this something more long-lasting that will impact the global economy?" he said. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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