A worldwide stock sell-off continued for a second day Tuesday, driven by fears of slowing growth in the United States and the sovereign debt crisis in Europe.

Japan's closely watched Nikkei index closed down by 2.2 percent, at its lowest level since April 2009, while similar losses were recorded elsewhere in Asia, with export-oriented manufacturers suffering some of the heaviest losses. Futures trading in Europe and the United States indicated steep losses are in store there as well.

Oil prices slid to under $84 a barrel while gold rose to an all-time high at more than $1,919 an ounce. A flight to U.S. Treasury bonds drove yields to their lowest level in more than 60 years.

The downturn followed losses Monday of around 3 percent in major Asian markets and more than 4 percent in European financial capitals. Analysts blamed the European losses in part of concerns about Greece's ability to meet its debt obligations and the viability of the region's common currency, the euro.

In Singapore, Finance Minister Tharman Shanmugaratnam was quoted saying a new global recession is now more likely than not. However World Bank President Robert Zoellick said at the same conference be believed a double-dip recession will be avoided.

The two-day round of stock selling was sparked by Friday's U.S. Labor Department report which showed job growth stalling. The data increased concerns that the United States could lapse back into recession.

Worries about U.S. growth were compounded by a downbeat report on China's services sector.