Stocks Plunge As Worries On Faltering Economy Intensifies

New York, NY, United States (AHN) – Sell-offs marked stock trading on Wednesday as a widening U.S. trade deficit and China’s low industrial output worsened investors’ worries of a weakening economic recovery already confirmed by the Federal Reserve on Tuesday.

The Dow Jones Industrial Average took a beating with a 265 points or 2.5 percent decline. The index closed at 10,379 points. Alcoa Inc. was the biggest loser among the 30 components.

The Standard & Poor’s 500 lost 31 points or 2.8 percent to end at 1,089. Rockwell Automation Inc. and Textron Inc. were the biggest losers.

The Nasdaq Composite Index shed 68 points or 3 percent to 2,209.

Crude oil for September delivery slipped $1.76 or 2.8 percent to $78 a barrel on the New York Mercantile Exchange.

Gold futures rose $2 or 0.16 percent to $1,200 an ounce.

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