"Significant" downside risks to the economy and "strains" in global markets lead to awful day on Wall Street. Mark Lasseigne tells you all about it on the Acadiana Business Index.

 
 
  • The action extended yesterday’s selloff after the Federal Reserve acknowledged "significant" downside risks to the economy and noted "strains" in global financial markets, a reference to debt-strapped Europe.
  • A weak reading on manufacturing in China also contributed to the slowdown fears. And, a lack of progress in containing Europe's debt crisis, which has weighed on markets for months, added to the grim mood.
 
  • In economic news: 423,000 Americans filed new claims for unemployment benefit last week,  showing no improvement in a stubbornly weak U.S. jobs market.
  • In other news, Christmas is shaping up to be a struggle for the nation's retailers.
  • The first forecasts are out, pointing to more-muted gains than last year, according to ShopperTrak and The International Council of Shopping Centers.
 
  • Fed Ex reported profits in line with estimates, but said shipments were lower on a slowing global economy.  FedEx is seen as a bell-weather of the economy. FDX down 8.1% to $66.58
 
  • Crude oil settled at $80.51 a barrel.
  • Gold closing at $1,742/ounce.