Wall Street plunges 200 points in worst week for two years
David Teather in New York
Saturday April 16, 2005
Wall Street closed out its worst week in over two years last night after the Dow Jones Industrial Average plunged again, this time by almost 200 points.
Fears of a slowdown in the American economy, heightened by disappointing results from IBM, prompted a third successive day of heavy selling.
The concerns about the health of the economy grew with publication of more negative data. The Federal Reserve reported drops in manufacturing and other industrial production in March while the United States labor department said that higher oil costs were driving up the price of imports.
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Bushonomics at work, folks.