i'm karina huber at the new york stock exchange. the fed is hoping for positive news. since the fed's last meeting stocks have taken numerous hits in the wake of the european debt crisis and the senate judiciary committee holds a meeting to examine google's dominance online and whether it used anti-competitive behavior to hurt rivals. facebook will launch a long rumored music service next week at its s8 conference. facebook is expected to partner with other sites to provide the content. turning to the economy, president obama will be unveiling his debt reduction plan on monday sending it to congre congress' bipartisan debt committee looking to cut the target set out by congress. we'll get a number of readings on the health of the housing market. at the new york stock exchange, i'm karina huber. >> now on to three days of protests, china has closed a solar panel plant in the east. the parent company is listed on the fork stock exchange and they've been accused of environmental pollution. ramy inocencio has more on this. >> it started last thursday when pore than 500 beg

karina huber is at the new york stock exchange. rina, what are we seeing from the markets right now? >> yes. the impact has been dramatic. not only around the world, but here on wall street, as well. we see the dow is down by 185 points. that is a drop of 1.6%. over at the nasdaq we are seeing they are down by 1.6%. s&p 500 down by 1.7%. the sell-off is broad based. we saw all 30 dow components are in negative territory. if you had to pick a sector feeling the brunt of this, it is the financial sector. talking about the vix, the fear indicator, that has gone up. it's showing investors want to take some of the trades off the table. don't want to take on risk today. they are going to safe haven bets by gold up more than 2% today. >> karina, i understand banks feeling the effects of the financial crisis. we are hearing today about another lawsuit. tell us about that. >> another lawsuit just one of many. this is according to the "wall street journal" and "the new york times." fhfa, the government agency that overlooks fannie mae and fre

karina huber joins us from the new york stock exchange. is it dead in the water how that the government has gotten involved? >> reporter: at this point it does not mean the deal is dead. the deal could potentially go through. exactly how at&t can satisfy concerns of regulators is unclear. the options right now are go back to the drawing table or go to court, and what will happen next is really hard to gauge, though, because this kind of lawsuit is very rare. what we can say with some certainty is at&t is likely to fight this. there's a lot of cash at stake, $3 billion in cash on the line because at&t has to pay t-mobile's parent company a $3 billion breakup fee if the deal doesn't go through and what analysts have to say about this? they are expecting a legal battle, one that could be the biggest anti-trust case in years, it could drag on for months or years. we might be talking about this for quite some time. >> karina, at&t tried to sweeten the deal saying it would bring back thousands of jobs to the united states. is that a convincing a

karina huber is with us now from the new york stock exchange. growing fears of yet another recession? >> reporter: well, fredricka, i mean, it's really the number. that's what we have to look at right now. home prices are still very low. job gains have been very limited, and now manufacturing is slowing again, so all of this is really weighing on optimism. in fact, this the worst outlook since "the wall street journal" started polling on this two years ago. but one analyst said many people never felt like the recession ended in the first place, but keep in mind, of course, recession is a technical term, it must be declared by the national bureau of economic research and technically we're not in a recession right now. and another thing to point out, fredricka, by talking about the reports and uttering the "r" word it could become a self-fulfilling prophecy, it's something we want to know about but it shouldn't cause too much panic. >> the federal reserve having a big meeting next week, do they think there's anything that can be done to help the e