Recession Looms Despite Global Interventions

11/16/2008 05:12 am ET | Updated May 25, 2011

Government steps to shore up the banking system and unfreeze credit markets showed some signs of progress on Thursday, but grim news from major economies reinforced fears of recession and hammered global markets.

U.S. stocks bucked the global trend to end higher, clawing back some of Wednesday's steep losses despite news of layoffs in the auto-industry, a slowdown in industrial production and more warnings about the state of the economy.

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