Dow Has Rough Day as Recession Fears Rise

Stocks closed broadly lower on Wall Street Friday, erasing their gains for the week, as investors became increasingly worried that the global economy is slowing down. The S&P 500 fell 54 points, or 1.9%, to 2,800; the Dow Jones Industrial Average lost 460 points, 1.8%, to 25,502; and the Nasdaq fell 196 points, 2.5%, to 7,642. The drop came as traders shifted money into bonds and other low-risk assets, the AP reports. Bond yields fell sharply, hurting bank stocks and flashing a possible recession warning. Citigroup slumped 4.6%, while Boeing fell 2.8% after Indonesia's flag carrier said it would seek to cancel an order of the company's planes. (More stock market stories.)