Stocks Plunge on Consumer Fears

INVESTORS RAN SCARED ON WALL STREET AS STOCKS TOOK THEIR BIGGEST TUMBLE IN THREE MONTHS.

INVESTORS DUMPED STOCKS AFTER REPORTS SHOWED DECLINES IN BOTH CONSUMER CONFIDENCE AND SPENDING.

CONSUMER SPENDING DROPPED BY THE BIGGEST AMOUNT IN NINE MONTHS IN SEPTEMBER WHENTHE CASH FOR CLUNKERS PROGRAM ENDED.

THE DOW SANK NEARLY 250 POINTS AND WIPED OUT ITS GAINS FOR THE YEAR
THE NASDAQ FELL BACK 52 POINTS

BERNIE MADOFF'S LONGTIME ACCOUNTANT HAS REPORTEDLY MADE A DEAL WITH THE FEDS.

DAVID FRIEHLING (free-ling) IS EXPECTED TO PLEAD GUILTY NEXT WEEK TO HELPING MADOFF ORCHESTRATE A PONZI SCHEME THAT COST THOUSANDS OF CLIENTS BILLIONS OF DOLLARS. MADOFF IS CURRENTLY SERVING A 150 YEAR PRISON SENTENCE.

THE WHITE HOUSE SAYS A NEW REPORT SHOWS FEDERAL STIMULUS EFFORTS HAVE CREATED OR SAVED MORE

THAN 650,000 JOBS SO FAR THE OBAMA ADMINISTRATION ALSO SAYS IT'S TRACK TO REACH THE PRESIDENT'S GOAL OF 3.5 MILLION JOBS BY THE END OF NEXT YEAR.

AMERICANS ARE EVEN AFRAID TO SPEND ON HALLOWEEN.

ON AVERAGE, THEY'LL SPEND 56 DOLLARS ON THE HOLIDAY.. 10-DOLLARS LESS THAN LAST YEAR. SOME ARE CUTTING COSTS BY BUYING LESS CANDY, USING LAST YEAR'S DECORATIONS AND MAKING COSTUMES INSTEAD OF BUYING THEM. STILL, HALLOWEEN IS A 4.7 BILLION DOLLAR INDUSTRY.

FOR MORE MONEY HEADLINES, HEAD TO CBSMONEYWATCH.COM. IN NY I'M AC.