Dow falls 350 points, then recovers

NEW YORK, Oct. 15 (UPI) -- The Dow Jones Industrial Average fell by 350 points after trading opened Wednesday, after government reports offered data weaker than expected.

Although the index later rose, recovering about half the morning's losses, it hovered above 16,000. It ended the previous month well above 17,000.

Analysts blamed three government reports showing downturns in consumer spending, slower growth in manufacturing orders and a falling rate of inflation, coupled with fears that Europe and Japan may enter recessions, for the selloff.

The concerns have moved crude oil prices to around $81 per barrel after a summer of prices of over $100.

The Nasdaq index also lost about 1.5 percent in early morning trading.