Photo: #A trader puts his hand on his head on the floor of the New York Stock exchange. The Dow fell 733 points, closing at 8,577 points.

U.S. in Recession

Minnesota Public Radio coverage of the U.S. in recession.

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U.S. in Recession

Stocks plunge anew as data points to recession


New York (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 was down about 733 closing at 8,577 points. On Monday, Sept. 29, the Dow had its largest point drop 777.68.

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