Martin Luther King Day was one of the worst days of global trading in world history.

US markets were given a brief reprieve thanks to the holiday, but the Dow Jones, is down 263 points in the first hour of trading on Tuesday.

The Federal Reserve responded to weak futures for US companies and massive losses in European and Asian markets by cutting interest rates on Monday.

Traditionally, a 20 percent decline in 1 year indicates a bear market. Forbes reports that S&P 500 and NASDAQ 100 futures, rose from October and November highs.