Wall Street Falls, Unable To Shake Economic Woes

By: Associated Press
By: Associated Press

Wall Street's short-lived enthusiasm over a $586 billion Chinese stimulus package has given way, once again, to anxiety about the U.S. economy.

The Dow Jones industrial average has ended the day down about 73 points, or 0.82 percent, at the 8870 level. That is above its lows of the day, but well below the levels it reached in early trading. Broader market indexes fell more than 1 percent.

Market participants realized that while China's stimulus plan is a positive sign that governments around the world are working to fix the global economy, the stimulus itself will likely have only a limited effect in the United States.

Meanwhile, American International Group Inc. got additional bailout money from the government Monday, but that raised worries about the health of the broader financial sector.

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