BBC: Fears of a recession sent US shares reeling again, after weak manufacturing data and a massive loss at investment bank Merrill Lynch unsettled investors.
The benchmark Dow Jones industrial average fell 306.95 points, or 2.46%, to close at 12,159.21.
A survey showed that factory activity in the US mid-Atlantic region slowed to levels that typically signal recession.
Merrill shares dropped 10.2% to $49.45 after the firm reported its biggest quarterly loss in its history.
It made a net loss of $7.8bn (£3.9bn) in the 12 months to the end of December from a net profit of $7.5bn in 2006.
In the final three months of 2007 alone, it chalked up losses of $9.83bn[.] Recession fears unsettle markets >>>
BBC:
US Economy in Slowdown
Mark Alexander (Paperback)
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