Stocks tumble on worries about earnings forecasts

NYSE traders
Traders work on the floor of the New York Stock Exchange moments after the closing bell on Oct. 22, 2008 in New York City. The Dow ended the day down over 500 points.
Spencer Platt/Getty Images

Stocks ended sharply lower as investors worry that the economy is poised to weaken even as frozen credit markets slowly start to show signs of recovery.

Corporate profit forecasts, a jump in the dollar and falling oil prices Wednesday indicate investors are worried that an economic slowdown will sweep the globe.

The major indexes each lost more than 4 percent, including the Dow Jones industrials, which is ending trading down 514 points to 8,519 after being down as much as 698 points in the final half hour of trading.

The S&P fell 58 points to 897, and the Nasdaq composite lost about 81 points to 1,615.

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