New York, NY – US Stocks Tumble on Economic Fears

New York, NY – U.S. stocks fell as lower-than- estimated profit forecasts at American Express Co. and Tiffany & Co. heightened concern the economy is shrinking, and continued problems in the credit-card industry that spilled over into the broader markets renewed fears of a recession and sent stocks closing sharply lower Friday, despite hopes for an interest rate cut.

The Dow Jones Industrial average closed down 246 points at 12,606