The global selloff continued on Wall Street today, after heavy overnight selling in Asia and Europe. The selling engulfed all the major indices, as investors shunned risk in the wake of the credit market turmoil and housing slump. Click here for TradingMarkets 7 Stocks You Need to Know for Monday.

The Commerce Department reported second quarter GDP grew at an annualized rate of 3.4% (full story). However, even positive economic news failed to offset the widespread investor pessimism.

Former Qwest Communications (Q | Quote | Chart | News | PowerRating) CEO Joseph Nacchio was sentenced to six years in federal prison for insider trading. The Wall Street Journal reported he was ordered to "pay a $19 million fine and forfeit $52 million he gained in illegal stock sales."

Treasuries saw the largest weekly advance in four months, the dollar rose to a 2-week high against the Euro, and crude oil futures rose 2.7%. Click here to read the Futures Market Recap.

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