Stocks plunge anew as data points to recession - WKOW 27: Madison, WI Breaking News, Weather and Sports

Stocks plunge anew as data points to recession


NEW YORK (AP) -- Despair over the economy has sent Wall Street plunging again, propelling the Dow Jones industrials to their second-largest point loss ever.

  Stocks fell on a combination of disheartening economic data, including a big drop in retail sales and a Federal Reserve report that said tight credit conditions are hurting businesses across the country.

  The downbeat data has convinced investors that the nation, if not already in a recession, is moving toward one.

  The Fed's Beige Book, which details conditions around the nation, found that the economy continued to slow in the early fall as financial and credit problems took a turn for the worse.

  The Dow is down about 733 at the 8,577 level.

  On Monday, Sept. 29, the Dow had its largest point drop 777.68.

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