(PTI): US stocks have plummeted following hefty declines in global markets amid investor fears over the world’s uneasy recovery from recession.

According to reports on Thursday, the country’s major stock indices fell about one percent on average after the European and Japanese stocks experienced large declines.

The MSCI World Index of equities in 23 developed countries fell 1.7 percent, its steepest loss this month.

Technology stocks in the United States led the drop after Bank of America cut its 2010 growth outlook for the semi-conductor industry on concerns over a rising inventory surplus.

The downgrades were a setback for those who anticipated that the technology sector would do better as the economy recovers.