Wall Street ends the week down on economic worries

Wall Street took another big hit Friday and the U.S. market wasn’t alone.

Stock markets around the world saw a major sell off amid worries of a global recession.

While some experts say the markets are being steered by irrational fear the fallout is very real.
It was another dismal day for Wall Street as world markets closed a down week with a panicked sell off.

Overnight losses in Asia and Europe rippled onto Wall Street.

“What happens over the next five to eight days will be spoken about for generations,“ said UBS Financial Services Analyst Art Cashin.

The day’s news wasn’t all bad.

Oil dropped below $64.00 a barrel but OPEC announced it was cutting production one and a half million barrels a day to boost prices.

Here in the U.S. existing home sales jumped 5.5% in September the biggest since July 2003.

Still prices are down 9.0% from last year.

“I think we can say home sales have stabilized; home prices have not stabilized,“ said Lawrence Yun of the National Association of Realtors.

There was more bad news from Chrysler.

The auto giant announced it’s cutting a quarter of its salaried workers with more restructuring expected.

Congress is considering another economic stimulus package for those out of work.

“Congress can help people like me in short term. Please extend unemployment benefits since economy isn’t getting any better,” said unemployed worker Dana Stevens.

The White House says it’s still mobilizing the 700 billion dollar bailout plan.

“We do think it is big enough to solve this big problem. It’s just going to take us a little while to get through it,“ said White House Spokesperson Dana Perino.

Less than comforting words as the economy continues to slip.