Online Trading and Investing Journal

Wall Street sank Thursday, after weak readings on economic growth and the job market touched off renewed concerns about the financial health of businesses and consumers. The Dow Jones industrial average fell more than 200 points.
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The country didn’t get the energetic rebound in economic growth hoped for from the government’s tax rebates in the second quarter, and the economy jolted into reverse at the end of 2007, raising new recession fears.
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Economic growth picked up in the second quarter as tax rebates energized consumers and exports boosted businesses. The rebound followed a treacherous patch where the economy jolted into reverse at the end of 2007.
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Oil prices were steady Thursday in Asia after crude jumped more than $4 overnight as Iran vowed to continue its nuclear program and a U.S. agency reported America’s gasoline stocks unexpectedly fell last week.
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General Motors Corp. plans to cut 15 percent of its U.S. and Canadian salaried work force — or around 5,100 jobs — by Nov. 1 as part of a plan to slash billions of dollars and help the automaker ride out a slump in U.S. sales.
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