Stocks stumble at the open
NEW YORK (CNNMoney) -- U.S. stocks stumbled at the open Friday, extending Thursday＇s 3% slide, as fears that the global economy is teetering toward another recession continued to grip the market.
This week has been brutal for stocks, with investors losing faith in the economy and political leaders around the world. The Dow is on track for its worst weekly performance since October 2008.
G-20 finance ministers attempted to inject some confidence with a commitment to "a strong and coordinated international response to address the renewed challenges facing the global economy," highlighting the European debt crisis.
Gathering at the annual International Monetary Fund and World Bank meetings in Washington D.C., the group said that by its next meeting in October, the eurozone will have implemented actions to expand the bailout fund for Europe＇s debt-laden countries "to maximize its impact in order to address contagion."
Global economy alarm bells ring
But traders have heard enough talk, said Michael Hewson, analyst at CMC Markets in London.
"The market is sick of the same, old empty rhetoric," he said. "What we need to see now are deeds."
And to add fresh salt to the wounds, Deutsche Bank warned, in an interview with Reuters, that European banks could take bigger writedowns than expected on Greek debt.
It also didn＇t help that Moody＇s downgraded the credit ratings of eight Greek banks by two notches, sending them further into junk territory.
As investors remain jittery over the fate of Europe, fear continued to drive the world markets lower.
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