AP— Wall Street headed for a sharply lower open Wednesday as investors again shifted their focus away from improving credit markets and fixated on worrisome corporate earnings that are raising fears of a deep and painful recession.
While reduced strains in world credit markets have eased some investors’ nervousness about the economy, market anxiety remains high as hundreds of companies this week release third-quarter earnings and in some cases fourth-quarter forecasts that offer a glimpse of the rough conditions that may lay ahead.
On Wednesday, commercial and personal property insurer travellers said hurricane-related losses pushed third-quarter profit down 82 per cent and forced it to lower its full-year outlook.
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