Stocks dive on belief global recession is at hand
New York (AP) — Wall Street is joining world stock markets in a precipitous plunge, with the Dow Jones industrials dropping more than 400 points in the opening minutes of trading. The growing belief that the world will suffer a punishing economic recession has investors furiously dumping stocks.
Grim news from overseas has added to the worldwide gloom. Big companies including Sony and Daimler are warning of tough times ahead, joining U.S. companies in scaling back their earnings forecasts.
The Dow is down 444 at the 8,251 level. All the major indexs are down more than 4 percent.
(Copyright 2008 by The Associated Press. All Rights Reserved.) AP-NY-10-24-08 0936EDT