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More bad news on Wall Street as a Federal Reserve report shows that the economy has slowed and many warn it's not going to bounce back anytime soon. Alexis Christoforous reports.
(CNN) -- Shares slid Wednesday on fears of recession but there were also signs that the international bailout of the financial sector was working.
A trader on the Dow Jones ponders the market's ups and downs.
After two days of soaring stocks, markets in Europe, Asia and the U.S. fell with New York's Dow Jones suffering its second worst daily points decline.
But that was the result of regular economic data rather than the extraordinary financial crisis.
The gains of Monday and Tuesday were sparked by Britain, Germany, France, and the U.S. announcing banking bailout plans totaling more than $3 trillion.
Amid Wednesday's market falls, there were signs that the bailout investments were working.
The overnight bank-to-bank lending rate slid, according to data obtained from Bloomberg.com. That signals an increased willingness by banks to lend to each other, which eventually translates into lower borrowing costs for consumers.
A stream of bad news buffeted stocks though, including the worst U.S. retail sales figures in three years, a surge in UK unemployment and predictions that recessions were unavoidable in the U.S. and Europe.
The FTSE 100 closed the day 7.16 percent down, while the CAC 40 in Paris lost 6.82 percent of its value and the German DAX 30 fell by 6.49 percent.
The Dow Jones ended down 733 points, or 7.9 percent, according to preliminary tallies. The Nasdaq lost 8.5 percent and the S&P nine percent.
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