Stock market exchanges plummeted nearly 1 percent at the New York opening bell on Wednesday on fears of emerging markets currency crisis.

The Dow Jones industrial average fell 135 points as investor concerns about a global credit crunch continued.

In the emerging markets the BITS (Brazil, India, Turkey, South Africa) meltdown continues despite recent central bank intervention.

“I think this just highlights the fact that we’re still in a short-term bear market and those who were long as a result of the Turkish rate hike have locked in profits quite early,” said Craig Erlam, market analyst at Alpari U.K.,