Wall Street sinks on recession, credit fears

By Kristina Cooke NEW YORK (Reuters) - Stocks slid more than 6 percent on Monday, with the Dow diving to its lowest level in almost five years, on fears the global economy was hurtling into recession despite government efforts to contain the fast-spreading financial crisis. Wall Street's drop was part of a global sell-off, and as severe as the U.S. losses were, they paled in comparison to sharp declines across Europe and in emerging markets. In Russia, Brazil and Peru, trading was temporarily suspended. The emergency rescue of two big European banks and a move by several European governments to guarantee bank deposits intensified fears of a potential global recession. The sharp drop came in the first session since the U.S. Congress approved a $700 billion bailout of... [read full story]