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Traders work at the New York Stock
Exchange in New York, the United States, Oct. 6, 2008. The Dow Jones
industrial average fell 369.88 points and ended at 9,955.50 points Monday,
below 10,000 points for the first time since October 2004. (Xinhua/Hou
Jun)
Photo
Gallery>>> |
NEW YORK, Oct. 6 (Xinhua) -- Wall Street rebounded
Monday afternoon from early deep losses as investors hunted for bargain after
the major indexes plunging more than 7 percent.
However, the Dow Jones industrial average was down
more than 300 points to settle below 10,000 points, the first time since October
2004.
Wall Street joined a global sell-off as investors
realized that the U.S. government's 700-billion-U.S. dollar rescue plan won't
work quickly to unfreeze the credit markets.
The emergency rescue of two big European banks and a
move by several European governments to guarantee bank deposits intensified
fears that the credit crisis can not be contained.
The Dow Jones industrial average fell 369.88 points,
or 3.58 percent, to 9,955.50. The Standard & Poor's 500 Index skidded 42.34
points, or 3.85 percent, to 1,056.89, while the Nasdaq Composite Index dropped
84.43 points, or 4.34 percent, to 1,862.96.
Wall Street tumbles following global
sell-off
NEW YORK, Oct. 6 (Xinhua) -- Wall Street opened sharply
lower Monday, as investors were worried about financial chaos and economic
slowdown around the world.
Investors feared that the Bush administration's 700
billion U.S. dollar rescue plan couldn't avert economic slowdown and will not
quickly unfreeze the credit markets. Full story
Crude prices dip below $88 amid global
market sell-off
NEW YORK, Oct. 6 (Xinhua) -- Crude prices dipped below 88
U.S. dollars a barrel, the new low in the past eight months, amid global
sell-off on fears that financial crisis could lead to a recession to curb oil
demand. Full story
EU under urgent call to coordinate
responses to financial crisis
LUXEMBOURG, Oct. 6 (Xinhua) -- European Union (EU)
countries came under urgent call to coordinate their individual responses to the
financial crisis as finance chiefs from the 27-nation bloc started a monthly
gathering on Monday.
"The first thing we need to try to do is to work
together, to coordinate and to find a solution to reestablish stability," French
Finance Minister Christine Lagarde, whose country holds theEU presidency, told
reporters on her way into the meeting. Full story
Nikkei index nose-dives to 5-year
low
TOKYO, Oct. 6 (Xinhua) -- Tokyo stocks tumbled Monday with
the key Nikkei index nose-diving by 4.25 percent to a new low in nearly five
years amid investors' persisted concerns over the gloomy economic outlook
worldwide.
The benchmark Nikkei-225 average shed 465.05 points
to 10,473.09 from Friday, falling below the 10,500 line for the first time since
February 2004. Full story
Bush Administration pledges rapid
response to financial crisis
WASHINGTON, Oct.6 (Xinhua) -- The Bush Administration
pledged on Monday they will move rapidly to deal with the current financial
crisis.
"Conditions in U.S. and global financial markets
remain extremely strained," said the President's Working Group on Financial
Markets (PWG) in a statement. Full story
No rescue in sight after U.S. passage
of bailout bill
LOS ANGELES, Oct.
5 (Xinhua) -- Even after passage of the Bush administration's 700-billion-dollar
financial rescue plan Friday, the United States' economic options span the
unappealing gamut from bad to worse, a newspaper report said on Sunday.
Even if the financial bailout works, the economy faces
troubles too pervasive and entrenched to be solved any time soon, the Los
Angeles Times said. Full story
