Stocks Extend Losses on Recession Worries

U.S. stocks fell in early trading on Friday, extending weekly losses, as concerns mount the U.S. economy may slip back into recession. The Dow Jones Industrial Average lately fell 95.89 points to 110,894.69. The Standard & Poor’s 500 Index declined 7.12 points to 1,133.53. The Nasdaq Composite was off 6.82 points to 2,373.61.

Bank of America Corp., the nation’s largest bank, plans to cut 3,500 jobs. The cuts amount to about 1 percent of the bank’s workforce of 288,000. But they come on top of a string of other layoffs, including 2,500 already announced this year.

Gold reached new heights Friday, soaring as high as $1,881 an ounce, as investors anxious about the uncertain global economy snapped up the precious metal. In morning trading, gold was up $35, or about 2 percent, at $1,857 an ounce.

U.S. crude-oil futures continued to slide during Asian hours on Friday, as a deteriorating global economic outlook pushed investors away from risk assets, deepening concerns about demand for commodities. New York Mercantile Exchange crude-oil futures for September delivery shed $1.42, or 1.7%, to $80.96 a barrel in electronic trading.


Leave a Reply