Wall Street is extending its massive decline as nervous investors grapple with concerns about insurer American International Group Inc. and await the Federal Reserve's decision on interest rates.
Worries about AIG have intensified after several ratings agencies reduced their ratings on the company. Investors are worried that a failure by the world's largest insurance comapny would touch off a wave of financial turmoil.
And comments from Goldman Sachs Group Inc. about the banking sector added to investors' glum mood a day after the Dow Jones industrial average fell more than 500 points.
The Dow is down 113 at the 10,803 level.
