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6A Daily News – Friday, September 23, 2011 Investors began giving in to fears Thursday that a global recession is already under way, and stock markets shuddered around the world. Selling started in Asia, picked up speed in Europe and sent Wall Street near its worst finish of the year. The Dow Jones industri- al average lost 391 points and at one point was down more than 500, a return to the volatility that gripped the market this summer. One financial indicator after another showed that investors are losing hope that the global economy can keep growing. The price of oil and metals such as cop- per, which depend on eco- Dow falls 391 on worldwide fears about economy Wall Street NEW YORK (AP) — nomic demand, fell sharply. Traders bought Treasury bonds and the dollar for safety. FedEx, a company that ships so many goods it is considered a barometer of the U.S. economy, had to lower its earnings forecast for the year because cus- tomers are putting off pur- chases of electronics and other gadgets from China. The Dow fell 391.01 points, or 3.5 percent, and closed at 10,733.83. The selling was not just steep but broad: Nineteen stocks on the New York Stock Exchange fell for every one that rose. At one point, the Counseling Center Giving Families Hope! Did you think we were just for children? • Individual & Family Counseling • Couple/Relationship Issues • Anger • Depression • Anxiety • Emotional Trauma • Family Relationships • Parenting Call our office for more info. 529-9454 Red Bluff 590 Antelope Blvd. Suite B-30 Corning Counseling Center 275 Solano Street #2 RANDAL S. ELLOWAY DDS IMPLANTS DENTISTRY 2426 SO. 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Have you ever been embarrassed by a denture or a bridge? If you answered "yes" to one or more of these questions, call us today at (530) 527-6777 to schedule an evaluation appointment. We would be pleased to evaluate your oral health and discuss treatment options with you. Dow was down more than 500 points. ''Markets rely on confi- dence and certainty. Right now there is neither,'' said John Canally, an economic strategist at LPL Financial, an investment firm in Boston. It was the second con- secutive rout in the stock market since Wednesday afternoon, when the Federal Reserve announced a change in strategy for fight- ing the economic slowdown — a bid to lower long-term interest rates and get people and companies to spend more money. Economic news was bad around the world. A closely watched survey in Europe indicated a recession could be on the way there, and a manufacturing survey sug- gested a slowdown in China, which has been one of the hottest economies. 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She told an annual meeting of the IMF and World Bank that nations need credible plans to get their debt under control. In the United States, investors poured money into American government debt, which they see as less risky than stocks even as the nation wrestles with how to tame its long-term budget problems. The yield on the 10-year Treasury note hit 1.71 per- cent — the lowest since the Federal Reserve Bank of St. Louis started keeping daily records half a century ago. It was 3.66 percent as recently as February, when the eco- nomic forecast was brighter. Yields fall as investors buy bonds and send their James W. 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Small yields are a sign that investors are just looking for a safe place to park their cash. ''They want to get their money back,'' said Guy LeBas, chief fixed income strategist at Janney Capital Markets. ''How much they earn is secondary.'' Besides U.S. bonds, investors bought American dollars. The dollar rose to an eight-month high against the euro because of fears that Europe, staggered by debt, will bear the worst of a global downturn. The Dow almost matched its lowest close of the year, 10,719 on Aug. 10. The stock market was seized by volatility last month, and at one point the Dow strung together four consecutive days of 400- point moves up or down. In a sign of what a rocky year it has been for the stock market, Thursday's decline isn't even close to the biggest in 2011. The Dow fell 634 points on Aug. 8, 519 points on Aug. 10 and 512 points on Aug. 4. It would have to fall 485