Wall Street Crashes, Dow Sinks Below 9,000 On Recession Fears

US stocks once again plunged on Thursday, extending its slide to seventh day as recession fears and credit worries continued to persist. A sharp drop in the shares of carmakers, financials, insurers and energy companies weighed heavily upon the markets. The Dow Jones Industrial Average tumbled 678.91 points, (-7.33%), to finish at 8,579.19. The S&P 500 shrank 75.02 points (-7.62%), to 909.92. The Nasdaq Composite lost 95.21 points, (-5.47%), to end at 1,645.12. Earlier, indices advanced briefly in opening trade on positive initial claims figure and technology stocks’ gains. However, market erased all of its gains and finished deep in red on a day which also saw the return of short sellers. Short selling ban, imposed by SEC came to an end on Wednesday at midnight. General Motors (GM) plunged $2.15 or 31.1% to $4.76 after... [read full story]