In other financial news, currencies and stocks continue to slide amidst ongoing fears of a worsening recession. On Wednesday, the Dow Jones Industrial Average hit a new low after suffering its seventh biggest point-drop in history. Several major companies have announced layoffs this week, including 1,500 at the internet giant Yahoo and 7,200 at the pharmaceutical company Merck. Hugh Johnson of Johnson Illington Advisors says the signs point to more job cuts across the board.

Hugh Johnson: “Some of the statements that are being made by the executives of a number of companies are not particularly encouraging. They’re essentially saying that business not only was bad in the third quarter, but it’s likely to remain bad in the fourth quarter and beyond. In other words, the recession is really affecting corporate earnings and looks like it’s going to continue to affect corporate earnings, and that’s obviously demoralizing a lot of investors.”