Wall Street sinks as recession fears deepen losses
Markets extend weekly decline amid recession fears as Dow drops 172.93 points to 10817.65 and the S&P 500 falls 17.12 to 1123.53. Nasdaq slides 38.59 to 2341.84 with week losses around 4 to 6 percent amid European debt jitters.
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Bank of America to cut 3500 jobs in major banking shift
Bank of America plans to cut 3500 jobs as banks shrink and refocus after big profits from risky trading faded. Analysts say the cuts reflect structural industry changes rather than weak demand, with firms trimming staff while adding advisers and regulatory roles.
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