News Wrap: Recession fears trigger stock market sell-off


Judy Woodruff:

A sell-off has swept all the streets and the world, as rising interest rates in the United States and many other countries intensify fears of recession.

The Dow Jones Industrial Average hit its lowest for the year, down 486 points, to close at 29,590. The Nasdaq fell nearly 200 points. The S&P lost 64. For the week, all three stock indices were down 4-5%.

Voting has begun in Russian-occupied regions of Ukraine on whether to join Russia proper. Moscow held the referendums today, despite Western opposition. The United States and others accuse the votes of being illegitimate and predestined to go Russia’s way.

We will have a detailed report after the news summary.

Hurricane Fiona is closing in on Canada tonight after hitting Bermuda, with pouring rain and winds blowing at 100 miles per hour. The storm caused rough seas and knocked out power as it passed to the west. The islanders had boarded up the windows in advance. Fiona will start whipping Atlantic Canada late tonight. Hurricane watches extend from Nova Scotia to Newfoundland.

Meanwhile, 60% of homes and businesses in Puerto Rico went another day without power.

Counter-protesters in Iran marched today in support of the Islamic regime. This followed growing unrest over the death of a young woman in the custody of the so-called vice squad. Several thousand demonstrators marched in Tehran, waving Iranian flags. They accused the anti-government protesters of being guided by foreigners.

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