NEW YORK – A late afternoon rout pushed U.S. stocks further into the red as fears that the financial crisis will drag the nation into a prolonged recession led to a massive scramble to sell.
In an afternoon sell-off that pushed the Dow Jones Industrial Average down more than 600 points, financial and energy stocks led the declines. On trading floors throughout Wall Street, the mood has moved past panic as large and small clients have flooded brokerages with sell orders and pushed to get out of their equities portfolios. "We are so jammed right now," said a trader...
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