The Dow Jones Industrial Average slid by as much as 10 percent on Wednesday, falling by around 1,850 points to 19,393.36 at 1740 GMT. It was below the level that was registered on the day in January 2017 when President Trump was inaugurated.
The UK's FTSE 100 index closed down 4.05 percent with 5,080,58 points. France's CAC 40 was down 5.94 percent to 3,754.84 points, while Germany's DAX decreased by 5.47 percent to 8,450.25 points.
Spain's IBEX 35 index dropped 3.44 percent to 6,274.80 points, while Italy's FTSE MIB, last week's biggest loser, was down just 1.27 percent to 15,120.48 points.
Last week, the European stock markets saw their biggest percentage weekly fall ever, losing 17-23 percent by Friday close.
The price of Brent oil dropped below $25 per barrel on Wednesday for the first time since May 2003.
All major stock indices have been falling in the past few days on fears linked to the novel coronavirus pandemic.
The market's volatility is continuing despite a trillion-dollar stimulus package announced by the White House.