4:12 AP: Despair over the economy has sent Wall Street plunging again, propelling the Dow Jones industrials to their second-largest point loss ever. Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight credit conditions are hurting businesses across the country.
The downbeat data has convinced investors that the nation, if not already in a recession, is moving toward one. The Fed’s Beige Book, which details conditions around the nation, found that the economy continued to slow in the early fall as financial and credit problems took a turn for the worse.
The Dow is down about 733 at the 8,577 level. On Monday, Sept. 29, the Dow had its largest point drop 777.68.
2:12 AP: Wall Street is plunging again, with the Dow Jones industrials down more than 500 points as investors agonize over the faltering economy. Stocks are down on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that says tight credit conditions are hurting businesses across the country.
The Fed’s Beige Book, which details conditions around the nation, found that the economy continued to slow in the early fall as financial and credit problems took a turn for the worse.
The report confirms the market’s belief that difficulties in obtaining loans has choked growth in wide swaths of the economy.
The Dow is down about 550 at the 8,760 level.
AP: Volatility battered Wall Street again Wednesday after a disappointing retail sales report reminded investors that country is either in a recession or moving toward one. The Dow Jones industrials dropped 350 points, giving back a chunk of their huge 936-point advance from Monday, and all of the major indexes were down at least 3 per cent.
The government’s report that retail sales plunged in September by 1.2 per cent — almost double the 0.7 per cent drop analysts expected — made it clear that consumers are unlikely to reach for their wallets in the coming months as they worry about a shaky economy.
AP: Stocks are falling sharply in early trading after economic readings raised the possibility that the country is either in a recession or moving toward one.
The government’s report Wednesday that retail sales plunged in September by 1.2 per cent is fanning concerns about consumers. The decline was steeper than expected and is worrisome because consumer spending accounts for about two-thirds of U.S. economic activity.
The Dow Jones industrial average is down about 147 at the 9,163 level. Now that the government is moving ahead with plans to buy stock in banks to help revive the lending business, investors are refocusing their attention on the economy. And Wednesday’s retail sales report was a reminder of how much trouble the country is in as a result of the credit crisis.
AP: European and Asian markets mostly fell back Wednesday following a strong two-day rally amid concerns that the global efforts to restore confidence in the battered financial system will not be enough to stave off a deep recession.
The FTSE 100 index of leading British shares was down 145.28 points, or 3.3 per cent, at 4,248.93. Germany’s DAX was 149.23 points, or 2.9 per cent, lower at 5,049.96, while France’s CAC-40 was 94.32 points, or 2.6 per cent, down at 3,534.20.
The losses in Europe’s follow similar declines in the U.S. and most Asian markets, except Japan. Wall Street is expected to start its session later lower, with Dow futures predicting a 33 point, or 0.04 point, decline to 9,239.
“The rally in the global markets over the last 2 days has come to a speedy halt,” said Sejal Patel, a trader at CMC Markets.
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