Stocks slump on recession fears

Sep. 7 - U.S. stocks tumbled nearly 2 percent on Friday after the first job loss in four years sparked concerns the economy is headed for a recession. The Dow fell just under 250 points to 13,113. The S&P 500 shed 25 points to 1,453. The Nasdaq lost 48 points to 2,565. Speaker: Jim Awad, chairman, WP Stewart Asset Management Conway G. Gittens reports from New York.

Comments

1. Bank Runs will be more common, take your money out now while you still can. This global credit crisis will hit every Bank. Government guarantees on banks could take 6 months to 2 years to retrieve your money. Australian banks don't guarantee deposits, only that depositors will have first claim to bank assets. Most countries have limits on guarantees, USA it's 100K per PERSON (even if you have multiple accounts across different banks).