A fresh batch of grim earnings pushed US stocks to a new five-year low as concerns grew over the difficulties facing corporate America in the wake of banking sector turmoil.

Company results – and, more importantly, their gloomy outlooks – across a wide range of sectors reinforced fears of a global, as well as domestic, recession. Energy and materials, down 10.4 per cent and 8.3 per cent respectively, led the market slump.