Sharp declines overseas; more losses expected tomorrow on Wall Street

By: The Associated Press
By: The Associated Press

LONDON (AP) — Wall Street is bracing for more losses tomorrow, when trading resumes after the three-day holiday weekend.

World stock markets took a beating today, over fears that the U.S. economy is heading back into recession. They're reacting to Friday's report that no jobs were added in the United States in August.

Stock losses today in Asia and Europe were some of the heaviest of the year. Japan's Nikkei indes lost nearly 2 percent. Britain's main index lost 3.6 percent, while German stocks fell by a massive 5.3 percent.

Jack Ablin, the chief investment officer of Harris Private Bank in Chicago, says there's some "rough riding ahead." He says he's afraid there could be `a second wave of selling when most traders are back at their desks.

S&P 500 futures have been 2 percent lower.

(Copyright 2011, The Associated Press)

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