NEW YORK (AP) — Investors are selling stocks amid pessimism about the global economy. The Dow Jones industrial average is falling to new six-year lows.
Financial stocks led the market lower as investors are increasingly worried about the weakening banking industry and what the government is doing to stabilize it.
Disappointing fourth-quarter earnings reports from Lowe's and J.C. Penney are also providing new evidence that the recession is taking a heavy toll on U.S. businesses.
At midday, the Dow is down 121 to 7,345. The Standard & Poor's 500 index is down 13 at 766, and the Nasdaq composite index is down 8 at 1,435.
Friday's sell-off in the U.S. follows sharp declines overseas.
Copyright 2009 The Associated Press.