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   Obama says worst of recession is over amid turmoil on Wall St.
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ContributorJason 
Last EditedJason  Aug 12, 2010 02:32am
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AuthorIan Swanson
News DateThursday, August 12, 2010 04:25:00 AM UTC0:0
DescriptionWall Street gave a thumbs down to the economy as the Dow Jones slipped into the red for the year.

The Dow Jones tumbled 265 points on Wednesday amid growing worries that the world economy is weakening. The pessimism from traders came one day after the Federal Reserve downgraded its outlook for the economic recovery amid fears of a double-dip recession.

Wednesday's tough day on the markets is the latest piece of difficult news for the White House, which is trying to promote last year's $787 billion stimulus through a series of events it has dubbed the "recovery summer."

President Obama, facing a difficult election environment where his party’s majorities in Congress could be lowered or lost, on Wednesday reiterated that his administration is doing everything it can to turn the economy around.

He also insisted the worst of the recession is over as he signed legislation suspending duties on hundreds of imports. Challenges faced by the nation have been confirmed not only by a steady stream of data since last spring, but through a series of crises in Europe that roiled markets and stoked fears of a double-dip recession earlier this summer.
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