Dow Off 500; Fed Can't Calm Investors

Recession fears weigh more heavily amid ugly data
By Will McCahill,  Newser Staff
Posted Oct 15, 2008 12:59 PM CDT
Federal Reserve Chairman Ben Bernanke, right, listens to Timothy Geithner, president of the New York Fed, before speaking at the Economic Club of New York today.   (AP Photo)
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(Newser) – Poor data and continued pessimism over the state of the US economy had the Dow down around 500 points as today’s session entered the final hours, MarketWatch reports, with hints of further interest-rate cuts from Fed chief Ben Bernanke doing nothing to boost confidence. The Dow dipped below the 9,000 level, to 8,806.58; the Nasdaq fell 98.64, to 1,680.37; and the S&P was down 64.80, to 933.21.