Reporting from Los Angeles and New York — The stock market endured its second thrashing in two days Thursday as dismal retail sales raised concern that a global recession could be longer and deeper than thought likely even a few weeks ago.
Weak October sales and downbeat earnings projections at companies such as Nordstrom Inc. and J.C. Penney Co. indicated that consumers were cutting spending in favor of paying off debt and preserving cash amid job-market insecurity.
The Dow Jones industrial average sagged almost 450 points in a near-replay of Wednesday’s 486-point drop — a total two-day drop of 9.7% — and investors braced for potentially more losses today when the government releases its closely watched monthly unemployment report.
The economic turmoil also was reflected in the commodities markets, where crude oil and other prices fell sharply for the second consecutive day on fears of slowing worldwide demand.
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