Breaking News Alert The New York Times Wednesday, November 19, 2008
-- 4:15 PM ET-----
Stocks Fall Sharply on Fears of Deepening Recession
As hope for an emergency bailout faded Wednesday for American automakers, shares on Wall Street began to slide. The DowJones industrial average was down 427.47 points, or 5percent, settling below 8,000, while the broader Standard &Poor's 500-stock index was 6.1 percent lower. The technology-heavy Nasdaq composite index was down 6.5 percent
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Now lawmakers will feel pressure to stop the Wall Street madness and they will bailout the auto makers anyway. No congressman wants the label of the one who tanked the economy.