Los Angeles Times | December 1, 2008 | 1:12 p.m. PT --- Stocks fall sharply on consumer spending worries Confirmation that the nation is in a recession and signs pointing to a prolonged downturn sent Wall Street plunging once again today, hurtling the Dow Jones industrials down more than 600 points and erasing a huge chunk of last week's big gains. All the major indexes fell more than 7 percent. The market began the day sliding on initial reports that the holiday shopping season, while better than some retailers and analysts feared, was mixed, a sign that Americans are very reluctant to spend. That has Wall Street concerned about the impact of a continuing drop in consumer spending on the sagging economy. More at: http://link.latimes.com/r/DHS3W9/Y6S7I/2ZC8QJ/5XTG/GWW19/36/t
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