The Dow Jones Industrials fell 680 points or 7.7% to close at 8,149.09, breaking a five-day streak of gains as signs pointed to a deepening recession.
Other market indexes fell more. The S&P 500 lost 80 points or 8.93% to close at 816.21. The Nasdaq was down 137.5 points or 8.95% to close at 1,398.07.
The bearish plunge on New York markets followed declines in Europe and Asia.
Fed Chief Ben Bernanke’s comments and concerns about consumer spending sent the market into a funk, when he said his options to fight the downturn were limited.
Related stories …
- SoCal economic decline worse than ’90s recession
- Panel says US has been in recession since Dec. ‘07
- Bernanke: lower interest rates are “feasible”
- Ford weighs selling Volvo amid industry downturn
Other business news …
- Giant J&J confronts Allergan in breast implant market
- Cyber Monday may be fake, but deals are out there
- Are O.C. women getting top executive jobs?
- 66% of O.C. shoppers buying distressed homes
- 6% of O.C. million-buck home listings are distressed
- O.C. house prices seen rising in 2013
