Recession Worries Stoke Fears Worldwide; Global Summit Meeting Set
Echoing declines in Europe and Asia as fears of a global recession continued to hit investor confidence, U.S. stocks fell in opening trading in New York.
Wall Street's main Dow Jones index was down 3% in initial exchanges, while in Europe the UK's FTSE 100 had lost 3.7%, and Germany's Dax had dropped 3.6%.
Job cuts at Yahoo and drugs firm Merck have increased economic concerns.
The falls came as the White House said a global summit to tackle the financial crisis will be held on November 15 in Washington. The meeting will debate the reforms needed to avoid another financial crisis and look at the progress currently being made. Leaders from the G20 group of nations - the world's leading industrialized countries and major developing nations - will attend.
Published on October 22, 2008
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