Global markets sank and the Dow Jones industrial average sank to a six-year low on fears over bleak job reports and the fragile state of the economy. Kwame Holman reports.

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Continuing concerns over the depth and breadth of the economic meltdown rippled through world markets Friday, pushing U.S. stocks to extend deep losses and sending overseas markets tumbling.

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Stocks plummeted after bleak unemployment and manufacturing reports, and the California legislature approved and sent a budget to Gov. Arnold Schwarzenegger after a long political deadlock. Jim Lehrer recaps the day's other news headlines.

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In Wednesday's other news, Wall Street was flat, and controversy in the California state Senate has endangered a fragile deal over the state's budget crisis.

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In Tuesday's other news, automakers raced to submit new restructuring plans and U.S. markets tumbled further on worries about the auto industry and the deepening recession.

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Columnists Mark Shields and David Brooks mull the political news of the week, including the battle in Congress over the stimulus bill and Sen. Judd Gregg's decision to drop his bid to become the Obama administration's commerce chief.

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In Friday's other news, a commuter plane crash killed 50 near Buffalo, New York and the Dow Jones Industrial Average had its lowest finish since last November.

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In Thursday's other news, stocks fell on Wall Street and a Russian and U.S. satellite collided over Siberia in the largest accident of its kind.

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The Treasury Department outlined an overhaul of the financial rescue plan Tuesday as the stimulus bill moved forward. Economists and analysts react to the developments.

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Treasury Secretary Timothy Geithner announced Tuesday a strategy to overhaul the widely criticized bank bailout fund that is aimed at unclogging credit markets that provide loans to consumers and businesses.

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