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Wall Street has slid once again, following confirmation that US economy is in a recession and signs pointing to a prolonged downturn.

This has reminded investors buying on a burst of optimism last week that the economy is still in serious trouble.

More than half of last week's big gains fell sharply on Monday. The Dow Jones industrials were down nearly 8 percent, while both the Nasdaq and the Standard & Poor's 500 index dropped nearly 9 percent.

Traders work on the floor of the New York Stock Exchange moments before the closing bell. [Spencer Platt/Getty Images/File/AFP]

The market began sliding on initial reports that the holiday shopping season was mixed, a sign that Americans are very reluctant to spend. Preliminary figures show sales over the Thanksgiving weekend rose only modestly.

Investors are worried a continuing drop in consumer spending would be troubling not only for retailers, but for an economy depending on consumers for more than two-thirds of its growth.

And downbeat economic reports on the manufacturing sector and construction spending only added to investors' concerns.

Speeches from the Treasury also seem to have done little to reassure investors.

Henry Paulson, US Treasury Secretary, said, "We continue to work through a severe financial crisis. While we are making progress, the journey ahead will continue to be a difficult one. But I have confidence that we are pursuing the right strategy to stabilize the financial system and support the flow of credit into our economy."

The National Bureau of Economic Research announced the recession had begun a year ago. The assessment made the retail sales figures all the more unnerving. Analysts are expecting economic concerns to weigh on the market for some time to come.

(CCTV December 2, 2008)