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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Oct 23, 2008
Page
17
Wall Street tumbled as investors worried the global economy is weakening while parts of the credit market show signs of recovery. The Dow fell 514 points and the S&P 500 slid 6.1 percent to its lowest level since April 2003 as dollar strength pressured commodities and energy stocks.
Gas prices have fallen sharply with a national average near 2.86 and some stations under 2.50 a gallon. The slide leaves Americans with about 125 billion dollars in extra cash but confidence remains low amid job fears and sagging housing markets. An AP Yahoo poll shows widespread financial worry despite cheaper fuel.
Wachovia reports a 23.9 billion quarterly loss as deposits flee and loan portfolio deteriorates amid the financial crisis. Wells Fargo agreed to buy Wachovia for 14 billion to form a national bank with about 9 300 branches, while Citigroup pursues lawsuits.
Analysts warn 2008 and 2009 could echo the 2002 recession as credit tightens and consumer buying drops. Bankruptcy filings rise with Wickes Furniture Sharper Image Whitehall Linens n Things Mervyns exiting, while few buyers emerge for distressed leases and big chains curb expansion. Steve & Barry's found a buyer after Chapter 11.
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