World markets mostly rose Wednesday on hopes that the U.S. economic recovery will gather pace, helping corporate earnings and easing some of the stress generated by Europe’s debt crisis.
Stocks have been largely buoyant since U.S. jobs data last week showed an increase in the rate of hiring, suggesting that American consumer spending _ one of the drivers of world economic growth _ could recover faster than expected.
In Europe, however, the outlook is dark. Though Germany’s economy expanded 3 percent in 2011, new figures Wednesday implied it contracted slightly in the fourth quarter. Earlier figures showed industrial production and retail sales had fallen in recent months, indications that even Europe’s largest economy is feeling the pinch of the debt crisis.
Those concerns were mostly offset Wednesday by hopes that an improving U.S. economy would translate into solid fourth-quarter profits, which companies will announce over the next few weeks.
One positive early sign came from aluminum maker Alcoa _ considered an economic bellwether because so many companies use its products _ which said late Monday that its fourth-quarter revenue far outpaced analysts’ projections.
By mid-morning, Germany’s DAX gained 0.1 percent to 6,167.64 and France’s CAC-40 rose 0.6 percent to 3,230.51. while Britain’s FTSE 100 was flat at 5,695.42.
Wall Street appeared set for small gains on the open, with Dow Jones industrial futures up 0.1 percent at 12,406 and the broader S&P 500 futures also up 0.1 percent, to 1,286.90.
European debt markets also improved, with Italy’s benchmark 10-year bond yield falling below the 7 percent threshold that many consider dangerous over the longer-term. The performance of Italian bonds is a key indicator for the eurozone debt crisis because the country, the currency bloc’s third-largest economy, is too large to bail out.
Italian Premier Mario Monti was meeting with German Chancellor Angela Merkel in Berlin later in the day, and will likely ask for greater support from fellow EU countries.
In an interview with Germany’s Die Welt newspaper, Monti said Italy wanted to see more concrete support in exchange for having passed painful austerity measures.
Some economists say the European Central Bank should help Italy more by buying its government bonds on the open market in larger quantities. That would lower Italy’s borrowing rates and ease pressure on its finances free online credit report. But the ECB, along with Germany, resists such a move.
The ECB will hold its monthly policy meeting on Thursday but most economists expect it to keep interest rates steady.
Another key focus in the debt crisis is Greece’s talks with private creditors about having them take a 50 percent cut in their Greek bondholdings. That demand is considered crucial to reducing Greece’s enormous debt load, and Merkel has indicated that Greece would not get any more rescue loans until that deal is clinched. A deal is expected by next week, according to Greek officials.
Earlier in Asia, financial markets closed mostly higher on expectations that China will tweak its monetary policy to encourage growth, but in a limited way to prevent inflaming its already sizzling property market.
Andrew Sullivan, principal sales trader at Piper Jaffray in Hong Kong, said he believes a move from monetary authorities could come shortly after Chinese New Year, which begins Jan. 23 and lasts a week.
“I think we’re in a little bit of a wait-and-see period. A lot of larger things are waiting in the wings at the moment,” he said.
Japan’s Nikkei 225 index rose 0.3 percent to close at 8,447.88. Hong Kong’s Hang Seng index gained 0.8 percent to 19,151.94. Australia’s S&P ASX 200 added 0.9 percent to 4,187.50.
Benchmarks in Singapore, Taiwan, and India also rose. South Korea’s Kospi fell 0.4 percent at 1,845.55.
Mainland Chinese shares edged lower as traders booked profits following two days of sharp gains. The benchmark Shanghai Composite Index lost 0.4 percent while the Shenzhen Composite Index was marginally lower at 880.71. Inflation data was expected out of China on Thursday.
Commodity prices, which rose on expectations that China’s economy will continue to grow this year, helped boost mining and energy shares.
Benchmark crude for February delivery lost 12 cents to $102.12 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 93 cents to finish at $102.24 per barrel in New York on Tuesday.
In currency trading, the euro fell to $1.2759 from $1.2790 late Tuesday in New York. The dollar rose to 76.97 yen from 76.82 yen.
Exxon Mobil Corp. and the Norwegian oil producer Statoil have reached an agreement with the federal government that will allow the companies to continue developing a potentially lucrative oil discovery in the Gulf of Mexico.
The government will get more money from Exxon and Statoil as part of the agreement to settle federal lawsuits over their leases in the oil field known as Julia, which is about 250 miles southwest of New Orleans. The proposed settlement was filed in federal court Friday but still must be approved by a judge.
Exxon spokesman Patrick McGinn said Saturday that the settlement will allow the company to develop the resource as quickly as possible. The initial phase of the project is expected to produce more than 175 million barrels of oil from six wells.
Exxon has estimated that the oil field may hold billions of barrels of oil and gas equivalent but it is remote and technically challenging to develop.
Exxon and Statoil have five leases in the field; three signed in 1998 and two in 2003. Each company owns 50 percent interest in the leases.
The dispute began in October 2008, when Exxon applied to extend the leases but the government refused low fee payday loans. It said the company didn’t present a specific production plan. Exxon and Statoil sued the government after losing several appeals.
Under the settlement, the two companies will develop their leases in phases as initially planned with the goal of starting initial production by June 2016.
They also will pay more to the government in exchange for the lease extensions. For example, the companies will pay $11.2 million each year until the three original leases reach at least 87.5 million barrels of total production, McGinn said in an emailed statement.
The agreement also raises the royalty rate on those three leases to 18.75 percent from 12.5 percent, he said. Annual rent on those three leases rose to $11 per acre from $7.50 per acre. The royalty rate for the other two leases is 12.5 percent.
If Exxon and Statoil had lost the lawsuit, the leases would have reverted to the government.
The Google+ social network has topped 60 million users, according to Ancestry.com founder Paul Allen, who also made the bold prediction late Tuesday that Google+ would reach 400 million users by the end of 2012.
Allen, who calls himself the "unofficial statistician" of Google+, runs hundreds of queries on various surnames on the social network each week. He has been tracking those names since Google first announced that Google+ had reached 10 million users in July.
Google+, the company’s answer to Facebook, got off to a roaring start, hitting the 10 million mark in just two weeks — and that was even before the site was open to the public.
But growth had tapered off, taking three months to reach 40 million users, according to Google’s numbers.
Google’s hasn’t given a more recent count. But Allen has seen a rapid resurgence, estimating that the service hit 62 million late Tuesday.
"It may be the holidays, the TV commercials, celebrity and brand appeal, or positive word of mouth, or a combination of all these factors, but there is no question that the number of new users signing up for Google+ each day has accelerated markedly in the past several weeks," Allen wrote on his Google+ page.
Google’s (, Fortune 500) social network is now adding 625,000 users each day, Allen said.
At that pace, Google+ would reach nearly 300 million users by the end of 2012. But Allen believes that growth will accelerate, enabling it to hit 400 million.
There’s one crucial missing piece in Allen’s analysis: He only cites the total number of people who have signed up for the network, not the number of people who actually use it. People may sign into the service to check it out and never use it again.
Facebook, by contrast, reports that it has 800 million "active users," which are those users that have viewed a Facebook page or have used an application. Half of all Facebook active users log onto the social network in any given day, the social network says.
Google entices users to sign up in its newly redesigned home page, by making Google+ the first option in an ever-present pull-down menu — an option that sits right above search. It’s unclear how many sign up but then never actually use Google+.
The technology and advertising industries alike are watching Google+ very closely, which could yet prove to be a sizable alternative to Facebook. The project is very important to Google, which is trying to overcome its past miscues in the social networking space.
More people visit Google’s network of websites than Facebook each month, but Facebook is killing Google in categories that advertisers care most about: Time spent and pages viewed.
Peabody Energy Corp. said Wednesday that it has increased its stake in Australia’s Macarthur Coal Ltd. beyond 90 percent — the point that it can require other stockholders to tender their shares.
The St. Louis-based coal producer is also raising its offer for Macarthur as previously agreed to do if its stake in the mining company exceeded the 90-percent threshold, bringing the total value of the deal to almost $5 billion.
Peabody will now pay 16.25 Australian dollars for each Macarthur share, a slight bump from its previous offer of 16 Australian dollars bad credit payday advance.
Gregory H. Boyce, Peabody’s chief executive, said acquiring 100-percent of Macarthur “brings clear strategic and financial benefits.”
Peabody “looks forward to completing operational improvements, accelerating the realization of synergies and advancing Macarthur’s growth pipeline,” Boyce said.
By day, Wade Brosz teaches American history at an A-rated Florida middle school. By night, he is a personal trainer at 24 Hour Fitness.
Brosz took the three-night a week job at the gym after his teaching salary was frozen, summer school was reduced drastically, and the state bonus for board certified teachers was cut. He figures that he and his wife, also a teacher, are making about $20,000 less teaching than expected to, combined.
“The second job was to get back what was lost through cuts,” said Brosz, a nationally board certified teacher. “It was tougher and tougher to make ends meet. I started personal training because it’s flexible hours.”
Second jobs are not a new phenomenon for teachers, who have historically been paid less than other professionals. In 1981, about 11 percent of teachers were moonlighting; the number has risen to about one in five today. They are bartenders, waitresses, tutors, school bus drivers and even lawnmowers.
Now, with the severe cuts many school districts have made, teachers like Brosz, who hadn’t considered juggling a second job before, are searching the want ads. The number of public school teachers who reported holding a second job outside school increased slightly from 2003-04 to 2007-08. While there is no national data for more recent years, reports from individual states and districts indicate the number may have climbed further since the start of the recession.
In Texas, for example, the percentage of teachers who moonlight has increased from 22 percent in 1980 to 41 percent in 2010.
“It’s the economy, primarily,” said Sam Sullivan, a professor at Sam Houston State University, which conducts the survey.
Rita Haecker, president of the Texas State Teachers Association, said cuts in education have forced many teachers to take furlough days. It’s an extra strain because, unlike in the past, many teachers are now the primary breadwinner, either because they are a single parent or their spouse is unemployed, Haecker said.
“It affects their morale in the classroom,” she said. “The last thing we want is our teachers worried about how they are going to pay their bills.”
The average salary for a public school teacher nationwide in the 2009-10 school year was $55,350, a figure that has remained relatively flat, after being adjusted for inflation, over the last two decades. Starting teacher salaries can be significantly lower; compared to college graduates in other professions, they earn more than $10,000 less when beginning their careers.
“I think people have felt the need to supplement their teaching salaries in order to have a middle class lifestyle,” said Lawrence Mishel, president of the Economic Policy Institute, which published a study this year concluding the average weekly pay of teachers in 2010 was about 12 percent below that of workers with similar education and experience.
The Organization for Economic Cooperation and Development, which collects data on student performance across the globe, advised the United States earlier this year to work at elevating the teaching profession in order to improve student performance. The recommendations included measures like raising the bar for who is selected to become a teacher, providing better training and better pay. In many nations where students outperform the U.S. in reading, math and science, including Japan and South Korea, teachers earn more than they do in the United States.
“International comparisons show that in the countries with the highest performance, teachers are typically paid better relative to others, education credentials are valued more, and a higher share of educational spending is devoted to instructional services than is the case in the United States,” the OECD report concluded.
While moonlighting isn’t unique to teachers, they do tend to have second or third jobs at a higher rate than other professionals. One researcher estimates their moonlighting rates may be four times higher than those of other full-time, college educated salaried workers.
Eleanor Blair Hilty, an education professor at Western Carolina University, said most teachers make around $5,000 through outside work. Yet when asked if they would quit if given a raise in the equivalent amount, most said no. Her conclusion: teachers are getting something more from their second job other than an extra paycheck.
“A lot of it has to do with what I think is wrong with the teaching profession,” Hilty said, noting that teachers have little autonomy and control over what and how they teach. “They found their moonlighting jobs to be satisfying.”
Policies on moonlighting vary by district; some have no written guidelines, while others merely advise teachers to ensure any outside work doesn’t interfere with their duties at school.
In North Carolina, a survey conducted in 2007 found 72 percent of teachers moonlight, whether it’s an after-school job or summer employment.
“There’s a culture of silence,” Hilty said. “Everybody knows that moonlighting goes on and they know it’s part of what teachers do but nobody likes to talk about it very much.”
Michelle Hartman, a language arts and science teacher at a Plantation, Fla., elementary school, is balancing two other jobs, one as an organist with the local Presbyterian church, playing at church services, weddings and funerals, and another doing janitorial work twice a week at her father’s accounting firm.
The single mother has a master’s degree in educational leadership and has been a teacher 15 years. But she says she cannot afford to leave any of her extra jobs, which she said brings in about $6,000 year, in addition to her $46,000 teaching salary.
“I’m tired some days,” Hartman said. “But no matter what, it doesn’t matter because I know I need to be there for the students.”
Yet working an extra job inevitably does take a toll. On top of their work in the classroom, teachers have to grade papers and plan lessons _ work they often do at home. One study on teachers who moonlight in Texas cited the case of a teacher who ended up grading papers at the restaurant where she worked. The same study found that all the teachers interviewed reported that moonlighting had a negative effect on their health. In the Texas survey, a majority said moonlighting was detrimental to their work in the classroom.
“Yes, they go 100 percent, but they’re still tired,” said Dave Henderson, a retired professor who worked on the study for many years.
Albert Ochoa, a middle school art and publications teacher in Austin, Texas, works at least five hours a night at UPS as a shipper, a job he’s had since graduating from college in 1977. Even though he is now toward the higher end of the teacher salary schedule, he said he cannot afford to quit either job.
He said he’d have to earn another $2,000 a month in order to support his wife, who is on medical disability, and son, and not work a second job. “I’ve had opportunities to go work full time at UPS and do other things,” Ochoa said. “But I enjoy what I do. I like teaching.”
President Barack Obama is targeting vital North Carolina and Virginia this week, as he kicks off a three-day bus tour that is as much about campaigning for his jobs bill as it is shoring up support in two southern states he wrested from Republican control when he won the White House.
Obama’s 2008 victories in North Carolina and Virginia were due in large part to the states’ changing demographics and his campaign’s ability to boost voter turnout among young people and African-Americans. But nearly three years after his historic election, the president’s approval ratings in both states are sagging, in line with the national trend.
A Quinnipiac University poll out earlier this month put Obama’s approval rating in Virginia at 45 percent, with 52 percent disapproving. The same poll showed 83 percent of Virginians were dissatisfied with the direction of the country. In North Carolina, Obama has a 42 percent approval rating, according to an Elon University poll conducted this month. Most national polls put Obama’s approval rating in the mid- to low-forties.
The president’s bus tour comes as the battle in Washington over his jobs plan enters a new phase. While Obama had demanded lawmakers pass the $447 billion measure in its entirety, Senate Republicans have blocked those efforts, leaving the president and his Democratic allies to fight for the bill’s proposals piece by piece.
Since announcing his plan for putting Americans back to work last month, Obama has been traveling the country trying to build public support for his initiatives. The president’s itinerary has focused heavily on swing states, underscoring the degree to which what happens with his job bill is linked to his re-election prospects.
Obama starts his bus tour with a speech in Asheville, N.C., Monday morning and he will speak again later that day at a high school in Millers Creek, N.C. He’ll also speak Tuesday at a community college in Jamestown, N.C., and make stops in the southern Virginia cites of Emporia and Hampton, before wrapping up the bus tour Wednesday at a firehouse in North Chesterfield, Va.
While Obama won handily in Virginia in 2008, he barely squeaked out a victory in North Carolina, winning the state by less than a percentage point. John Davis, a longtime political analyst in North Carolina, said Obama won there in part because his campaign identified the state as a potential battleground early and established a dominant ground game, while the Republican nominee, Sen. John McCain, was focused elsewhere.
But with North Carolina now firmly on the political establishment’s radar, Davis said thinks Obama will have a much harder time holding the state next November.
“This time I think Obama loses the advantage of a surprise like he pulled off in 2008,” he said.
The president faces significant obstacles in Virginia as well. While Democrats had hoped Obama’s victory signaled Virginia’s shift to a blue state, momentum has since strongly turned back in favor of Republicans, most notably with Gov. Bob McDonald’s win in 2009.
That shift has some Virginia Democrats, especially state legislators running in next month’s General Assembly elections, less than thrilled about Obama heading to their state this week. In coal-mining southwestern Virginia, Democratic state Sen. Phil Puckett has flatly renounced the president. With Republicans running television ads and erecting billboards showing Puckett campaigning for Obama in 2008, Puckett said in a television interview he would not support Obama in 2012.
The White House insists the president is focused more on the economy than elections. With the nation’s unemployment rate stuck at 9.1 percent, Obama’s goal this week will be to convince the public that his jobs plan will put out-of-work teachers, police officers and firefighters back on the job, while also repairing crumbling roads and bridges.
By breaking up elements of the plan into individual bills, the White House wants to force Republicans to voice their opposition one by one _ part of the Obama administration’s strategy of hanging blame for any eventual failure of the president’s economic policies on GOP obstructionism.
“Each time we’re going to ask Republicans to support the bill,” Obama said last week. “And if they don’t want to support the bill, they’ve got to answer not just to us, but also the American people as to why they wouldn’t.”
White House spokesman Josh Earnest said Obama would use his stops this week to challenge Congress to get to work this week passing proposals in the bill, starting with initiatives that the administration says would prevent teacher layoffs. Obama will also call for lawmakers to prioritize his call for $50 billion in infrastructure spending.
Despite the president’s call for urgency, it could be November at the earliest before lawmakers take up the proposals in the bill, due to debate scheduled this week on appropriations bills and a planned vacation at the end of this month.
The president will be ditching Air Force One for much of his trip this week, traveling instead on a $1.1 million bus purchased by the Secret Service. The impenetrable-looking bus is painted all black, with dark tinted windows and flashing red and blue lights. Obama first used the custom-made bus during a similar road trip in August, when he traveled through Minnesota, Iowa and Illinois.
Obama’s time on the road will take him through small towns and rural swaths of both Virginia and North Carolina. In addition to his scheduled speeches, the president is sure to make unannounced visits to local restaurants or stop to greet supporters gathered along the road to watch his motorcade pass.
The effect is a campaign-style trip that allows the president to engage in a little retail politics, while also garnering the national media coverage typically afforded only to a sitting president.
Sony said Wednesday it has detected a large number of unauthorized attempts to access user accounts on its PlayStation Network and other online entertainment services.
The Tokyo-based company temporarily locked about 93,000 accounts whose IDs and passwords were successfully verified by the intruders. Sony has sent email notifications and password reset procedures to affected customers on the PlayStation Network, Sony Entertainment Network and Sony Online Entertainment services.
Sony said credit card numbers linked to the compromised accounts are not at risk. It has “taken steps to mitigate the activity” and is investigating any wrongful use of the accounts themselves.
The announcement follows an embarrassing data breach in April, which compromised personal data from more than 100 million online gaming and entertainment accounts and forced PlayStation Network to be shut for a month.
Sony confirmed the latest incidents after its security systems detected an unusually high number of log-in attempts that failed, said Sony spokesman Sean Yoneda. The company suspects that those responsible obtained large data sets from other companies or sources, which were then used to try to access Sony accounts.
“What happened in April was a breach on our servers as we said in our announcements,” Yoneda said. “But this time around, there was no intrusion on our servers. This was … taking someone else’s identity and trying to use that to access our services.”
The access attempts occurred between Oct. 7 and Oct. 10 and targeted accounts globally.
Sony’s customer service centers around the world have not seen a spike in user calls related to the incidents, Yoneda said.
Hurricane Jova roared toward a collision Tuesday night with a vulnerable Mexican coastline dotted with tourist resorts and flood-prone mountain villages, prompting evacuations and shutting down one of the country’s top cargo ports.
Jova weakened some as its center drew to within 78 miles (125 kilometers) of shore, but it still had maximum sustained winds of 100 mph (160 kph), the U.S. National Hurricane Center reported. The forecast path pointed to landfall between Barra de Navidad and the larger resort of Puerto Vallarta to the north around midnight.
As the storm’s outer bands of rain began hitting the coast, some vowed to ride out the storm, while others took refuge at shelters in towns like Jaluco, just inland from the beach community of Barra de Navidad.
“My house has a thatch roof, and it’s not safe,” said Maria de Jesus Palomera Delgado, 44, a farmworker’s wife who went to an improvised shelter at a grade school in Jaluco, along with her 17 children and grandchildren.
“The neighbors told us the house was going to collapse” if hit by the hurricane, she added as the children slept nearby on folding cots packed into a classroom.
In an another classroom, migrant farmworker Rufina Francisco Ventura, 27, fed her 2-month-old son. She said she had left the ranch where she plants chilies and tomatoes planning only to pick up some free blankets, but shelter workers “told me I shouldn’t leave here, because it’s going to hit hard.”
Jalisco state authorities evacuated about 200 people to shelters by Tuesday and was issuing alerts over loudspeakers placed in communities long the coast, telling people to take precautions as the hurricane approached, state civil defense spokesman Juan Pablo Vigueras said. The state had 69 shelters ready, he said.
Authorities also set up shelters for residents of inland towns, where the mountainous terrain could cause flash floods and mudslides, which often pose the greatest dangers in hurricanes
“We have about 100 officials working in these communities, telling people they should evacuate,” said Francisco Garnica, the duty officer at the Jalisco state civil defense office. But many were reluctant to leave their homes for fear they would be robbed. “They are worried about their possessions,” he said.
The Mexican army said it had assigned about 1,500 soldiers to hurricane preparedness and relief efforts.
Jova was expected to hit the states of Jalisco, Colima and Nayarit the hardest. About 183,000 people live in the center of the storm’s projected path, said Laura Gurza, chief of the federal Civil Protection emergency response agency.
The U.S. hurricane center in Miami warned that storm surge was expected to produce significant coastal flooding between the major seaport of Manzanillo, east of Barra de Navidad, and Cabo Corrientes, southwest of Puerto Vallarta Internet Payday loans.
Jova could unleash as much as 20 inches (50 centimeters) in isolated areas as it moved inland.
Hotels in Barra de Navidad and the neighboring beach town of Melaque dragged in beach furniture and advised their guests to leave the towns.
But some tourists seemed unfazed.
Bill Clark, a 59-year-old traveler from Santa Rosa, California, ate tacos at a street stand while enjoying a balmy Monday night.
“Some people are going out of town but I’m not really worried,” said Clark, who has been coming to the town of about 3,000 people since 1994. “I’m from California, I have been through earthquakes.”
Christoph Dietschi, 42, and his wife, four children and mother-in-law had checked in to a small beachside hotel in Melaque for a family wedding, but left Monday after the manager told them he couldn’t guarantee their safety or service when the hurricane hit. They rented an apartment in Manzanillo.
“It was better to leave because they can’t guarantee that everything would be OK for us. Maybe there is no electricity, no water, so it’s better to leave,” Dietschi said.
Dietschi walked Manzanillo’s cobblestone streets with his family under just one umbrella to the beach of La Audiencia on Tuesday afternoon to watch the gray sky and choppy sea before the hurricane.
“We still hope that Saturday everything is all right,” said Diestschi. His brother-in-law is scheduled to get married at a church in Barra de Navidad on Saturday.
Heavy rains in Manzanillo forced restaurants and stores to close Tuesday afternoon. Employees at convenience stores boarded up or taped their windows. Soldiers patrolled the main seaside avenue.
Authorities shut down Manzanillo’s port, the biggest cargo center on Mexico’s Pacific coast, and the nearby port of Nuevo Vallarta.
A hurricane warning was in effect for a 100-mile (160-kilometer) stretch of coast from just south of Puerto Vallarta to a point south of Manzanillo. A tropical storm warning was in effect farther south, to the port of Lazaro Cardenas.
At midafternoon, Jova was centered about 85 miles (140 kilometers) southwest of Manzanillo and was moving north-northeast at 6 mph (9 kph), the Hurricane Center said.
In 1959, an unnamed hurricane struck near Manzanillo, reportedly killing 1,000 people. Detailed reports on hurricanes were not available at the time.
The hurricane was expected to be dissipating by the time the Pan American Games start Friday in nearby Guadalajara.
Meanwhile, Tropical Storm Irwin regained some strength farther out in the Pacific with winds near 45 mph (72 kph). While it was expected to move eastward toward land, forecasts indicated it probably wouldn’t make landfall.
Bank of America’s homepage and online banking service are experiencing problems.
A message on the home page said the site was temporarily unavailable. Some visitors who tried to sign onto their accounts were greeted with the message that the site was “operating slower than usual” and that the bank was working to restore service.
A company spokeswoman said the problems began around 9:15 a unsecured personal loans.m. Friday, but that customers can still bank via text message and at ATMs. She said problems weren’t the result of hacking.
The outage came a day after the bank said it would start charging a $5 monthly fee for debit card purchases.
North American stock markets are racking up big losses over rising pessimism about slowing economic conditions.
Late in the morning, the S&P/TSX composite index plunged 406.29 points to 12,597.19, led by steep declines in resource stocks.
New York markets also fell hard with the Dow Jones industrial average falling 254.83 points to 11,641.61.
The Nasdaq composite index dropped 73.11 points to 2,619.96 while the S&P 500 index was down 30.44 points to 1,229 cash till payday advance.9.
Just a couple of weeks ago, investors were concerned the U.S. economy had hit a soft patch. Since then a raft of economic data on manufacturing, consumer spending and hiring by private companies have raised worries about the economy slipping back into recession.
The Canadian dollar also got caught up in the downdraft, falling 1.4 cents to 102.49 cents US.
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