World markets are having flashbacks of 1987's "Black Monday" crash as stocks experience their most precipitous drops in 33 years.

The Dow Jones Industrial Average closed two thousand-352-point-60 points lower, or nine-point-99 percent, at 21-thousand-200-point-62 on Thursday. This was just four days after it plunged seven-point-79 percent on Monday.

U.S. news outlet CNBC said it was the worst day of trading since 1987's "Black Monday," when the Dow fell 22-point-six percent. 

The S&P 500 and Nasdaq also fell by more than nine percent on Thursday.

According to the U.S. media, U.S. President Donald Trump was expected to offer an aggressive response to the COVID-19 pandemic in his televised address from the Oval Office on Wednesday, but what he said wasn't enough to calm markets jittery over the virus.

Major European markets also fell by more than ten percent on Thursday due to COVID-19 fears, the U.S. travel ban on Europe and disappointment in the European Central Bank's decision not to cut interest rates.