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Oct 15, 2008 4:16 pm US/Eastern
Closing Bell Blues: Dow Down More Than 700 Again
Market Posts Worst One-Day Percent Drop Since 1987
NEW YORK (AP) ―
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Traders work the floor at the beginning of the trading day at the New York Stock Exchange on Oct. 15, 2008, in New York City.
Chris Hondros/Getty Images
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The Big Board at the New York Stock Exchange is seen after the closing bell at approximately 4 p.m. in New York City.
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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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