Wall Street

New York City -

The stock market on wall street opened down over 200 points with stocks in nearly every sector of the economy posting losses.

One hour after the market opened the dow was down 200.44, or 1.51% at 13,045.24.

Stocks began their slide in pre-market trading on news that European leaders have all but stated a recession can't be avoided.

Also driving down the market were investors focused on how President Obama plans to avoid the fiscal cliff after he won re-election Tuesday night.

Washington, D.C. -

An unexpected hiring frenzy has pushed the unemployment rate down to 7.8% which helped trigger a record five-year high on wall street as stocks rose to 13,637 on the NYSE by 11:30am today.

Making the gains especially good news was that the jobless rate dropped despite more workers returned to the labor market resuming their search for a job, something that normally pushes the unemployment rate up.

The man who predicted the Dot-Com bust three years earlier, Barton Biggs, has died. At the time, he worked for Morgan Stanely and was their chief global strategist. He his prediction, he said the stocks of many of the tech companies were too expensive and would fail.

The market however, did not head his warnings and stocks for silicon valley tech companies continue their climb up until eventually failing in a dramatic failure that wiped many investors out.

Biggs died after a short illness according to a Morgan Stanely statement.

New York City -

The Dow closed down 250.83, or -1.96%, the second worst day of the year on the stock market, as fears of trouble in Europe continue, poor economic reports. The Nasdaq dropped 71.36, and all sectors of the S&P 500 fell as well. This is the second time in just three weeks that the Dow has dropped more than 250 points in one day.

Investor were dismayed that the Federal Reserve offered nothing new for the market other than to continue selling short-dated bonds in order to buy buy longer term securities, despite many expecting the Fed to act more decisive.