Stocks tumble on worries about earnings forecasts
New York (AP) — Stocks ended sharply lower as investors worry that the economy is poised to weaken even as frozen credit markets slowly start to show signs of recovery.
Corporate profit forecasts, a jump in the dollar and falling oil prices Wednesday indicate investors are worried that an economic slowdown will sweep the globe.
The major indexes each lost more than 4 percent, including the Dow Jones industrials, which is ending trading down 514 points to 8,519 after being down as much as 698 points in the final half hour of trading.
The S&P fell 58 points to 897, and the Nasdaq composite lost about 81 points to 1,615.
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