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Dow falls 700: U.S. stocks hammered with doubts over rescue
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| Contributor | Ashley |
| Last Edited | Ashley Sep 29, 2008 12:33pm |
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| Category | News |
| News Date | Monday, September 29, 2008 07:05:00 PM UTC0:0 |
| Description | NEW YORK (MarketWatch) -- U.S. stocks sank, with the Dow Jones Industrial Average plunging as much as 700 points, with the government's $700 billion rescue plan for the financial sector seemingly in jeopardy as votes were cast Monday afternoon in the House of Representatives.
Stocks were already sharply lower as the global credit crisis spread, with four bailouts in Europe and the takeover of Wachovia Corp. in the U.S. roiling securities, commodities and currencies markets and forcing major central banks to pump hundreds of billions of dollars more into the financial system.
The meltdown intensified as U.S. lawmakers voted on a $700 billion financial rescue plan that some were already saying would not be enough to prevent a full-scale financial crisis in many major countries.
"The Fed and other central banks are responding to the freezing up of liquidity around the world. The actions, however, don't seem to be ameliorating any of those fears yet. Indeed, equities are plunging further," said analysts at Action Economics. |
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