Dow Nears 10-Year Low

A bleak morning for Wall Street turned into a day of deepening declines as the Dow Jones average approached a 10-year low after dropping nearly 300 points midday. With Wal-Mart the only advancing Dow stock, the index dipped below 7,600. "It was a global wave of selling spurred by rising worries about how banks, automakers—entire countries—would fare in a deepening recession," The New York Times reported. The S&P 500, meanwhile, skidded 4 percent, falling below 800, a benchmark that analysts have warned about. "Look out below," said one. The declines on Wall Street followed losses of over 3 percent in overseas markets overnight.