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Wall Street Report: Dow Down 400 Points at Midday

File photo. (STAN HONDA/AFP/Getty Images)(NEW YORK) -- It’s another rough day on Wall Street. At mid-day trading, the Dow Jones Industrial Average was down more than 400 points, erasing almost all of Tuesday's gains. The Nasdaq was off 70 and the S&P 500 was down 37 points. The price of gold was up to $1786; oil was selling for more than $81 per barrel.

Carey Leahy at Decision Economics tells ABC News that even with the instability, he’s confident the U.S. economy can survive.

“We have deep capital markets. We have hard-working, flexible workers. We have great entrepreneurship,” Leahy said. “And without waving the American flag too much, firms are generating a heck of a lot of profits in a slow-growing economy.”

One analyst says investors are still trying to figure out if there will be a double-dip recession or just a slowdown.

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