Renewed Recession Fears Sink Stocks

Renewed recession fears sent the markets tumbling to a sharply lower open with the Dow sinking 204 points to 11,035. Nasdaq plummeted 40 points to 2438.

On the upside

International Paper (NYSE: IP) will acquire Temple-Inland (NYSE: TIN) in a deal valued at approximately $4.3 billion including the assumption of debt.

Harbin Electric (Nasdaq: HRBN) reaffirmed its commitment to taking the company private.

Agria (NYSE: GRO) introduced a new field corn seed variety.

On the downside

Sirius XM (Nasdaq: SIRI) announced last week that it would offer a free two-week trial period to attract new customers.

Bank of America (NYSE: BAC) stock continued falling after the Federal Housing Finance Authority sued 17 banks for mortgage securities fraud.

Concerns that Europe's debt crisis will worsen weighed down shares of Credit Suisse (NYSE: CS).

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE and by nearly 8 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 14 points to 668.
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