Selloff decimates Wednesday's rally
NEW YORK - The slowing economy reasserted itself on Wall Street on Friday, sending stocks tumbling and erasing the big gains the market enjoyed earlier in the week.
The Dow Jones industrial average fell 250.40, or 2.3 percent, to 10,662.01, bringing its two-day decline to nearly 284 points and leaving the blue chips with less than 16 points of their 299-point gain Wednesday.
Declining issues outnumbered advancers 5 to 3 on the New York Stock Exchange, where volume came to 1.14 billion shares, compared with 1.72 billion at the same point Thursday.
Partial newspaper merger gets OK
WASHINGTON - Attorney General Janet Reno on Friday approved the partial merger of the Denver Post and the Rocky Mountain News to preserve two independent editorial voices after the News lost $123 million in a circulation war during the 1990s.
Ms. Reno concluded that persistent operating losses would probably force the News to close unless she allowed it to merge printing and commercial operations with the Post.