(AP) -- Investors on Wall Street and around the world sold stocks with abandon Thursday, more convinced than ever that a global recession is under way. The Dow Jones industrial average lost almost 400 points.
The sell-off began in Asia, intensified in Europe and rattled markets in the United States all day. Stocks in New York staged a small rally before the end of trading but still finished near their lows for the year.
One financial indicator after another showed that investors are quickly losing hope that the economy can keep growing. The price of oil and metals, both of which depend on economic demand, fell sharply. Traders bought bonds for safety.
FedEx, a company that ships so many goods it is considered a barometer of the U.S. economy, had to lower its earnings forecast for the year because its customers are putting off purchases of electronics and other gadgets from China.