On Thursday, U.S. stocks dived lower again after tumbling on Wednesday, suffering their worst-ever percentage losses in the day after a presidential election. The Dow Jones Industrial Average close below 9,000 for the first time since Oct. 29, as investors await the October jobs report and anticipate a likely jump in the unemployment rate.

The Dow Jones Industrial Average drop nearly 500 points in afternoon trade to ended at 8,695.75 down 443.48 points, or 4.9%. The S&P 500 shed 47.89 points or 5%, to 904.88, the Nasdaq Composite Index declined 72.94 points or 4.3% to 1,608.7.

Earlier, the Bank of England cut interest rates by 1.5 percentage points. The European Central Bank also cut rates, but by a more modest half point. European stocks traded sharply lower. Asian markets also slumped as investors turned their attention back to the weakening global economy.

It’s the fear of a deep recession that the economy is getting weaker, rising unemployment will only make it worse that send stocks lower.

The Labor Department reported the number collecting jobless benefits hit a 25-year high, while first-time unemployment claims fell last week. The data came ahead of Friday’s jobs report for October, with the unemployment rate expected to rise to 6.3%.

The big question is, what will newly elected President Barack Obama do about the economy and who will join his team. There are also concerns about the timing of when his economics team engages with the Treasury’s program to bailout the financial system and other projects.

Some answers may arrive today afternoon when Obama holds a press conference after meeting with a group of economic leaders who make up his transition economic advisory board. The group includes the well known Warren Buffett, former Treasury secretaries Robert Rubin and Larry Summers, Google Chairman Eric Schmidt, former Fed Chairman Paul Volcker and former SEC chairman William Donaldson.

Other economic news reporting today includes pending home sales at 11:30 a.m. and wholesale inventories at 10 a.m.

“Here is the answer which I will give to President Roosevelt… We shall not fail or falter; we shall not weaken or tire. Neither the sudden shock of battle nor the long-drawn trials of vigilance and exertion will wear us down. Give us the tools and we will finish the job” - Sir Winston Churchill, British politician (1874 - 1965) Radio speech, 1941

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