*Dow falls 734

So much for the hope that the market had hit bottom earlier in the week. The Dow closed at 8576. (AP)

*Calculated Risk sums things up:

The recession is deepening (and was deepening before the most recent wave of the credit crisis). And there is no significant sign of improvement in the credit markets. All the economic news will be bad for some time ... and after the September retail report this morning, I expect Q3 [Personal Consumption Expenditures] (to be released Oct 30th) to be strongly negative - and GDP to decline too.

This is not some outlier view. This has become conventional wisdom.