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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Markets Again Dive to a Close

On a day that began with a grim outlook, as futures on the Dow and S&P dropped so low that circuit breakers were nearly triggered, stocks regained some ground earlier this afternoon before falling in the final minutes of trading as selling accelerated.

At the close, the Dow was down 312 points, or 3.6 percent, the Nasdaq was down 52 points, or 3.2 percent and the S&P was down 31 points, or 3.5 percent.

Next week: Investors will be looking for cues from two big events next week. On Wednesday, the Fed is largely expected to cut the key federal funds rate by half a point, down to one percent, CNBC has reported.

On Thursday, GDP data for the third quarter are expected to show that the economy has contracted for the first time in seven years. That could end speculation that we've managed to avoid a recession.

--Kim Hart

By Kim Hart  |  October 24, 2008; 4:25 PM ET
Categories:  The Ticker  
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Is there any doubt we are in a recession? I don't think we need the official GDP to tell us that. Just look all around -- layoffs abound, people are not buying much, the car lots are empty, etc.

Posted by: ursadog | October 24, 2008 6:17 PM | Report abuse

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