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The stock market greeted the first day of December by losing upwards of 7.7%: The Dow fell 679.95 points (7.7%) to end at 8,149 points; the Nasdaq dropped 8.95%; and the S&P 500 closed 8.93% lower. The chief investment officer of the Bank of New York Mellon Corp.'s wealth management unit, Leo Grohowski, told Bloomberg News, "The economic news is going to continue to get worse before it gets better. The biggest single challenge in terms of the economy is the state of housing and it still remains precarious.”