(AP) - Investor fear over fallout from the credit crunch is taking a toll on the stock market today.
In the final hour of trading, the Dow has been down as many as 300 points.
The selling comes after two days of triple-digit point gains for the Dow.
Next week, some financial giants are among the companies scheduled to release quarterly earnings reports. A key question for investors is the extent of write-downs looming because of bad bets on subprime lending.
The New York Times has reported that Merrill Lynch could take a 15-billion-dollar hit from exposure to such investments. It is said to be seeking an infusion of cash to help align its balance sheet.
Also in recent days, companies like credit card issuers Capital One and American Express have indicated the slowing economy is beginning to weigh on their results as well.
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