Dow Jones tumbles 348 points

Wall Street has suffered another huge drop amid growing fears that the government’s financial rescue plan might not be enough to ward off a recession.

Investors are also discouraged after news from the government of declining factory orders and a seven-year high in jobless claims.

The concern on the Street is that the $700bn bail-out plan (€482bn), even if it wins final congressional approval in the House, won’t be enough to stimulate growth.

Investors appeared to be pulling more money out of the market and settling in for a prolonged economic winter.

The Dow Jones industrials fell 348 points to the 10,482 level, according to preliminary calculations.

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