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Stocks tumble on worries about global economy

4 years ago August 18, 2011 Aug 18, 2011 Thursday, August 18 2011 Thursday, August 18, 2011 12:21:45 PM CDT in News
Source: AP

NEW YORK - U.S. stocks are plunging amid a global sell-off on worries about the weakening economy.

In the U.S., more people joined the unemployment line last week than the week before.

Consumers were under more pressure from higher gasoline prices. And manufacturing activity in the Philadelphia region unexpectedly weakened.

There's also word that fewer people bought previously occupied homes for the third time in four months.

In Europe, bank stocks fell on worries about the region's debt problems. In Asia, Japan's exports fell for the fifth straight month. Asian and European markets also tumbled.

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