Another Sharp Loss Ends the Week on Wall Street - Spokane, North Idaho News & Weather KHQ.com

Another Sharp Loss Ends the Week on Wall Street

New York (AP) _ Wall Street has ended the week with another sharp loss, joining stock markets around the world that fell on the growing belief that a punishing economic recession is at hand.

It was a dramatic day on the Street, with the Dow Jones industrials falling more than 500 points soon after trading began, and, following the pattern of recent sessions, recovering ground only to fall sharply again. The blue chips ended the day down 312 points at the 8,378 level, while all the major indexes fell more than 3 percent.

Grim news from big global companies including Sony and Daimler, coming after disappointing outlooks from some big U.S. corporations, has investors believing there will be a long and deep global recession. The selling also came from hedge funds that had to unwind positions to pay back debts.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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