Alcoa says it is reducing its global work force by about 13,500, or 13 per cent, by the end of the year and lowering total output by more than 18 per cent annually.

Alcoa's news adds to growing anxiety about the Labor Department's upcoming report on Friday on the December job market.

Investors are concerned that as more people lose their jobs, they will spend less, further crippling the economy.

In the first few minutes of trading, the Dow Jones industrials are down 130 points to the 8,884 level. -- AP