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US stocks open lower after global sell-off; recession fears, Europe woes stoke volatility
U.S. stocks are opening lower as economic jitters and uncertainty about Europe's finances fuel another day of selling around the world.
Shortly after the opening bell, the Dow Jones industrial average is down 122, or 1.1 percent, at 10,895. The S&P 500 is down 5.86, or 0.5 percent, at 1,134.79. The Nasdaq composite index is down 3 at 2,377.40.
JPMorgan Chase & Co. lowered its growth forecast early Friday. An analyst said business sentiment, household wealth and global growth all look worse than just a few weeks earlier. Other economists warn that a global recession looks increasingly likely.
European banking shares fell near two-and-a-half-year lows, dragged down by rumors about the companies' potential losses on bonds issued by heavily-indebted governments. Earlier, Asian shares took a beating.