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Wall Street extends decline as Cisco comments, retailers' sales add to recession worries
NEW YORK (AP) -- Wall Street plunged for a second day, triggered by computer gear maker Cisco Systems warning of slumping demand and retailers reporting weak sales for October. Concerns about widespread economic weakness sent the major stock indexes down more than 4 percent Thursday, including the Dow Jones industrial average, which tumbled more than 440 points.
Major indexes have lost about 10 percent since Barack Obama was elected president -- a vote preceded by a steep rally -- and the losses represent the Dow's worst two-day percentage decline since the October 1987 crash.
Paper losses during that time in U.S. stocks came to $1.2 trillion, according to the Dow Jones Wilshire 5000 Composite Index, which represents nearly all stocks traded in America.
Comments from Cisco that it saw a steep drop in orders in October and reports from retailers that consumers are skipping trips to the mall provided fresh evidence of the economy's struggles. Worries about automakers and the financial sector compounded investors' unease.
Read more here.
NEW YORK (AP) -- Wall Street plunged for a second day, triggered by computer gear maker Cisco Systems warning of slumping demand and retailers reporting weak sales for October. Concerns about widespread economic weakness sent the major stock indexes down more than 4 percent Thursday, including the Dow Jones industrial average, which tumbled more than 440 points.
Major indexes have lost about 10 percent since Barack Obama was elected president -- a vote preceded by a steep rally -- and the losses represent the Dow's worst two-day percentage decline since the October 1987 crash.
Paper losses during that time in U.S. stocks came to $1.2 trillion, according to the Dow Jones Wilshire 5000 Composite Index, which represents nearly all stocks traded in America.
Comments from Cisco that it saw a steep drop in orders in October and reports from retailers that consumers are skipping trips to the mall provided fresh evidence of the economy's struggles. Worries about automakers and the financial sector compounded investors' unease.
Read more here.
