Wall Street sells off again, despite Bush crackdown

Investors sent stocks sharply lower for a second consecutive session today as worries about second-quarter earnings reports overshadowed President George W. Bush’s proposal to increase the penalties for corporate fraud.

The losses, which followed a sell-off yesterday, erased much of Friday’s big rebound rally. Analysts said that after months of accounting scandals and disappointing financial results, it will take more than a few words to convince investors that it is safe to come back to the market.