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Futures point to sharply lower Wall Street open

NEW YORK (Reuters) - Stock index futures sank on Tuesday as fear of a recession gripped investors, suggesting Wall Street will join a global equities plunge that could usher in a bear market.

Weaker-than-expected earnings from Bank of America and Wachovia Corp, the second- and fourth-largest U.S. banks, respectively, added to the grim mood on Wall Street. Shares of Bank of America fell 5.3 percent, and Wachovia slid 3.4 percent in trading before the opening bell.

The sell-off in futures follows sharp losses in global equities on worries a deteriorating U.S. economy would drag other regions down with it.

European stocks posted their biggest percentage drop since the September 11, 2001 attacks on Monday when U.S. financial markets were closed for the Martin Luther King Jr. Day holiday.

On Tuesday, European stocks fluctuated wildly, dropping more than 4 percent and then sharply


Added: Jan-22-2008 
By: stefan171
Tags: world, news, financial, stock, market, crash, fears
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