U.S. stocks came off their worst levels but remained deeply mired in red Friday, and headed for weekly losses as energy shares fronted broad-sector declines after a global sell-off in equities on fears of worldwide recession.
"I opened my trading platform this morning and thought I must be at a funeral, " said Charles Perry, president of Perry Management, an energy-consulting firm. "But the market seems to be firming now."
After dropping 420 points, the Dow Jones Industrial Average (DJI) trimmed its decline, recently off 260.37 points, or 3%, to 8,430.88, far off an intraday low of 7,773.7 hit two Fridays ago, and setting it up for a weekly drop of 4.8%.
All but one of the blue-chip index's 30 components posted midday declines, with Microsoft Corp. (MSFT) digging out of negative terrain, recently up 1% following its report of a small profit gain for the September quarter. .
General Motors Corp. (GM) fell the most, down nearly 14%.
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