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Post by QuickAttack on Oct 6, 2008 23:51:24 GMT -5
As a crisis of confidence overtook stock markets around the world and credit markets remained frozen, the Dow Jones industrials dove below 10,000 for the first time in four years Monday, plunging by as much as a record 800 points during the afternoon. High anxiety reigned around the globe, with governments throughout Europe being forced to orchestrate bailouts of their own as their stock markets declined. Stocks also tumbled throughout Asia and Latin America, with trading temporarily halted on the Brazilian and Russian markets. At day's end, no one was predicting a quick end to the volatility and market declines, although some American market analysts expressed hope that the Federal Reserve might help by cutting interest rates -- possibly in conjunction with other major central banks around the world. President George W. Bush called for patience to allow the $700 billion U.S. financial rescue plan he signed into law Friday to work. But panic appeared to prevail for most of the day. Federal Reserve declines to adjust federal funds rate "It's a global meltdown," said Don Selkin, chief market strategist for National Securities Corp., investment advisers in Manhattan. "There's a lack of confidence" in the markets and economy, he said. MORE: www.newsday.com/business/ny-bzstox1007,0,167651.story
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