Gloom offsets UK rate slash

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Wall Street followed European stocks sharply lower early Thursday as investors fear rate cuts may not prevent a global economic recession. United Kingdom interest rates slashed to half century low. The European Central Bank cut rates by half a percentage point. U.S. retailers posted dismal October sales figures, but sales at Wal-Mart rose. Conway Gittens reports from New York.Speaker: Alec Young, equity strategist, Standard & Poor's

Tags: Wall Street, European stocks, investors, rate cuts

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