Markets down after another rough week

October 24, 2008
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, 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 8,378, 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.
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