The optimism that swept through Wall Street just weeks ago evaporated in the face of signs that economic growth worldwide is slowing down and undercutting hopes for a rebound in the U.S. The Dow Jones industrial average fell 265 points, dragging it back into the red for the year. The sharp drop in U.S. exports, which caught economists by surprise, came on top of a Bank of England report taking a more pessimistic view of the U.K.'s growth prospects than it had taken before, as well as a long list of indicators pointing to a deceleration of China's growth.

Related Summaries