Dow Tumbles Due to Fears of Recession
Looks like all the prognoses of a new recession are seeping into the market. From the New York Times, a few minutes ago, reports of stocks both at home and abroad taking a "tumble" or, if you prefer it, a "plunge."
The Standard & Poor’s 500-stock index was down 42.70, or 3.39 percent. The Dow was off 356.32, or 3.00 percent, to 11,540.12, and the Nasdaq was down 96.33 points, or 3.58 percent.
A fear haunting markets in the United States is that the economy may be heading for a double-dip recession. Although the fractious debt ceiling debate is now past, markets fear spending cuts and weaker economic data point to a weaker economy. The latest weekly jobless data Thursday again showed the economy was still fragile.