FRANK SESNO, CNN ANCHOR: High noon on Wall Street and the markets are headed in one direction today, and that's down. Earlier today, the Dow dipped below the psychologically significant 10000 level. CNN's Rhonda Schaffler joins us from the New York Stock Exchange. Rhonda, what is happening, and why?</s>RHONDA SCHAFFLER, CNN CORRESPONDENT: Well, you know, Frank, I want to tell you first, it was pretty dramatic when that happened here. A slip below 10000 is considered key, and traders actually groaned on the floor. What's been going on here for weeks, really, is worries that, this time, the Federal Reserve and Alan Greenspan will continue to move interest rates higher, and this time that will make an impact and slow the economy down. In the past, other rate hikes have not eased the economy's growth. The sense on Wall Street is that the Fed is serious this time, the economy's going to slow down, that means corporate profit growth will slow down, and perhaps stocks are too high -- Frank.</s>SESNO: Rhonda Schaffler on the exchange.
Stock Markets Spiral Down on Fears of Continued Interest Rate Hikes