Stocks Plunge On Bad Reports -- Retail Sales, Spending, Manufacturing Down

Summary

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The economy lurched deeper into the doldrums Wednesday and took the stock market down with it, sending the Dow Jones industrials to a staggering 733-point loss and erasing any hopes that the convulsions that have shaken Wall Street for a month were over.

The daylong sell-off came as retailers reported the biggest drop in sales in three years and as a Federal Reserve snapshot showed Americans are spending less and manufacturing is slowing around the country.

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Stocks Plunge On Bad Reports -- Retail Sales, Spending, Manufacturing Down

Piling up losses in a rough final hour of trading, the Dow ended the day down nearly 8 percent - its steepest drop since one week after Black Monday in 1987. The Dow has wiped out all but about 127 points of its record-shattering 936-point gai...

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