Home / Business / News Tools: Save | Print | E-mail | Most Read | Comment
Wall Street tumbles on recession concerns
Adjust font size:

Wall Street tumbled again Wednesday with all the major indexes dropping more than 7 percent as weak economic data stirred fear of economic recession.

The government's report that retail sales plunged in September by 1.2 percent, refreshed investors' worries that the U.S. economy is already in a recession.

The Labor Department said the producer price index, which measures inflation pressures before they reach the consumer, fell 0.4 percent in September, driven by lower energy costs.

The latest Federal Reserve's Beige Book found that the economy continued to slow in the early fall as financial and credit problems took a turn for the worse.

Federal Reserve Chairman Ben Bernanke said Wednesday that efforts taken by the U.S. government to stabilize financial markets and free current credit crunch probably won't lead to a prompt economic rebound.

The Dow Jones Industrial Average slid 733.08 points to 8,577.91 and the Standard & Poor's index plunged 90.18 points to 907.83. The Nasdaq lost 150.68 points to 1,628.33.

(Xinhua News Agency October 16, 2008)

Tools: Save | Print | E-mail | Most Read
Comment
Pet Name
Anonymous
China Archives
Related >>
- Wall Street sees record one-day-surge
- Wall Street trades mixed after dramatic shake
- Wall Street soars after record plunge on financial bailout plan
- Wall Street turmoil changes dynamics of US presidential race
Most Viewed >>
- Index down as commodity shares slump
- US gov't injects US$250 bln into key banks
- Exporters come to terms with global slowdown
- Exclusive: Standard Chartered shows confidence amid crisis
- Analysts warn of investment slump
- Output of Major Industrial Products
- Investment by Various Sectors
- Foreign Direct Investment by Country or Region
- National Price Index
- Value of Major Commodity Import
- Money Supply
- Exchange Rate and Foreign Exchange Reserve
- What does the China-Pakistan Free Trade Agreement cover?
- How to Set up a Foreign Capital Enterprise in China?
- How Does the VAT Works in China?
- How Much RMB or Foreign Currency Can Be Physically Carried Out of or Into China?
- What Is the Electrical Fitting in China?