Wall Street pulled back Tuesday as investors decided to cash in some of the previous session’s big gains as they warily comb through another batch of quarterly earnings. The Dow Jones industrial average shed more than 230 points.

On Wednesday, investors suffered through another stomach-churning late-day decline, following drops seen on global markets. The Dow ended with a loss of 514 points to 8,519. The S&P fell 58 points to 897, and the Nasdaq composite lost about 81 points to 1,615.

World stock markets also fell sharply Wednesday as the stream of disappointing corporate earnings in the U.S. fueled pessimism about the global economy.

Meanwhile, the White House announced that world leaders will gather Nov. 15 in Washington for a summit to discuss the global economic crisis.

(Source: WNBC / MyFoxNY)