NEW YORK (AP) -- Wall Street appears headed for another cliff today as the Dow Jones industrial average futures fell as far as they're allowed to, 550 points.
The fall comes amid fears of a punishing global recession stirring panic among investors and sending world financial markets into a tailspin.
The increasingly grim outlook convinced investors that the world economy is headed for a long and severe downturn despite a raft of government rescue efforts.
Big hedge funds and other institutional investors have been pulling out their money in a bid to reduce risk and raise cash.
Adding to the anxiety has been a barrage of worrisome corporate earnings and pessimistic fourth-quarter outlooks.
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