Recession Fears Drag Down Wall Street At Opening

Stocks on Wall Street followed the lead of stocks on foreign exchanges and opened lower Friday. At the start of trading in New York, the Dow Jones industrial average dropped more than 400 points. Global investors began dumping stocks on fears of a worldwide recession. Japan's main index fell 10 percent. European stocks also were lower.

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NPR's business news starts with another day of panic in global stock markets. With company after company warning of lower sales, investors are selling off corporate stocks in a big way. The Dow is down about 200 points, more than 200 points, but that's a bit of a recovery from earlier in the morning when it plunged well over 400. In fact, 500 at one point. Asian stock markets ended much lower. Gloomy forecasts from big exporters like Toyota and Sony sent Japan's index plunging ten percent. South Korea was down 11 percent. European stocks are also tumbling.

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