Markets sell off on global recession worries

Asian & European markets sold off & US markets followed through. Dow is down 345, decliners ahead of advancers 7-1 & NAZ is down 41 despite Apple (AAPL) gains. In tech land, Apple & Yahoo (YHOO) rose 8% & 4% respectively on their earnings reports from last night.

Oil is back down, off 80 from its record high a few months ago, on worries about a severe global recession.

CLZ08.NYM

Crude Oil Dec 08

...68.95

... 3.23 ...(4.5%)

•Crude Oil Falls to 15-Month Low as Financial Crisis Damps Demand for Fuel


What's worrying markets is a global recession. In Asian markets, they call it demand destruction for commodities. Just a few of today's earnings reports are listed here, generally on the glum side:

• Wachovia reports $23.9B loss for 3Q- AP
• Merck 3Q net drops 28 percent, to cut 7,200 jobs- AP
• McDonald's profit tops view; shares rise- Reuters
• AT&T 3Q profit up 5.5 pct, misses Street estimates- AP
• Boeing's 3Q profit dives 38 percent- AP

Have to run, will catch up with your later.