Recession hits U.S. shores

(01:42) Report

Dec 1 - An official declaration of an American economic recession sent Wall Street stocks on a 9 percent free-fall.

  • The Dow fell 679 points, a drop of 7.7 percent to 8,149.
  • The S&P 500 gave up 80 points, or 8.9 percent to 816.
  • The Nasdaq tumbled 137 points, or 9 percent to 1,398.
  • Crude oil prices fell sharply $49.28

    Conway Gittens reports from New York.

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