Dow Falls Nearly 400 Points: Acadiana Business Index

"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 Dow Jones Industrial Average plunged 391 points to 10,734.

• 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.