Dow headed for sharp decline

NEW YORK (AP) - Wall Street appears headed for another cliff today as the Dow Jones industrial average futures fell as far as they're allowed to, 550 points.

The fall comes amid fears of a punishing global recession stirring panic among investors and sending world financial markets into a tailspin. The increasingly grim outlook convinced investors that the world economy is headed for a long and severe downturn despite a raft of government rescue efforts.

Big hedge funds and other institutional investors have been pulling out their money in a bid to reduce risk and raise cash. Adding to the anxiety has been a barrage of worrisome corporate earnings and pessimistic fourth-quarter outlooks.

Source: Associated Press