This week, the Dow Jones Industrial Average fell by 513 points at the end of Thursday’s trading losing 4.31 percent marking the biggest single-day loss since December 2008.

The broader S&P 500 fell by 4.8 percent while the NASDAQ lost 5.1 percent when panic apparently became the prevailing sentiment among traders who raced out of stocks and commodities. The Dow, however, recovered on Friday but not after a wild roller coaster trading session filled with volatility.

European markets also suffered heavy blows as Britain’s FTSE, Germany’s XETRA DAX, and France’s CAC 40 all fell. In Asia, stock markets in Japan, Hong Kong, and China slid by 3 to 4 percent triggered by the massive sell-off in Wall Street hours earlier.

The White House, meanwhile, is not showing any worry signs despite the free fall in the markets although it got a better than expected but not so great monthly jobs report on Friday. White House Press Secretary Jay Carney said that it is typically for the markets to “go up and down”  and has blamed external factors for the economic slowdown such the including the earthquake and tsunami in Japan, the Arab Spring, and the European debt crisis.

Carney also belittled assumptions that the economy is going back into recession and expressed confidence that the nation is moving toward economic growth. The unemployment rate slips to 9.1 percent although talk of economic slowdown, or worse recession, persists among analysts.

The selling mood gathered steam after central banks in Japan and Europe intervened to boost their financial markets as well as the possibility of Italy needing a bailout. As a result traders dumped stocks and raced to much safer Treasury bonds, pushing the yields of the 10-year securities to its lowest level since November 2010.

Uncertainty seems to be order of the day in the markets, according to analysts. The weakening economy and the fiscal troubles in Europe have been pointed out as the catalyst for the volatile markets this week. Although the jobs report beat the market consensus, unemployment claims remain above the 400,000 level and has been for months. This prompted many economists to question whether President Barack Obama actually has a plan in creating jobs for Americans.

Mr. Obama has launched a “bus tour” in the Midwest this week immediately after the debt ceiling debacle making his case to the American public that his policies will take time to produce results. Political observers think that this is political strategy by the president to court independent voters who are slowly losing confidence in the president’s job performance according to latest polls.