The story

Asian stocks fell on Friday after the S&P 500 on Wall Street lost 6.7 percent to close at its lowest point since 1997 amid recession fears.

Japan's Nikkei was down more than 2 percent in morning trade, and Australia's All Ordinaries was down more than 3 percent. South Korea's KOSPI was flat, and Hong Kong's Hang Seng was down nearly 3 percent.

Concerns over the ailing U.S. auto industry, a 16-year high in U.S. unemployment and the Dow Jones' lowest closing price since 2003 all weighed on investors' minds. Read full article »