Don't miss

Replay


LATEST SHOWS

THE INTERVIEW

Nobel laureate Malala Yousafzai: 'I asked Macron to invest $300m in girls' education'

Read more

MEDIAWATCH

Catalan referendum debacle

Read more

THE DEBATE

Confiscated vote? Escalation over banned Catalonia referendum

Read more

PEOPLE & PROFIT

Brexit and the city: Paris, Frankfurt, Dublin vying for new business

Read more

FRENCH CONNECTIONS

Is the French Senate a retirement club for old politicians?

Read more

THE INTERVIEW

Burma should give access to investigators, says UN rights chief

Read more

FOCUS

Rohingya crisis: Monks with an ultranationalist agenda

Read more

INSIDE THE AMERICAS

Mexico hit by another deadly earthquake

Read more

BUSINESS DAILY

US Federal Reserve ends historic QE program

Read more

Dow plunges to five-year closing low

Latest update : 2008-10-08

The Dow Jones Industrial Average sank 5.11% at closing, following Monday's decline, as investors continue to fear recession, despite worldwide measures to pump life back into the economy and jump-start ailing banks.

Click here for full coverage of the financial crisis

 

US stocks plunged Tuesday for a second straight day as investors were gripped by fears of a deeper credit crunch leading to severe recession.
   
The Dow Jones Industrial Average sank 508.39 points (5.11) percent to a five-year low of 9,447.11 just after the closing bell, following a 369-point slide Monday and a global rout.
   
The tech-heavy Nasdaq plummeted 108.08 points (5.80 percent) to 1,754.88 and the Standard & Poor's 500 slid 60.55 points (5.73 percent) to a preliminary close of 996.34, dropping below a key level of 1,000 points.
   
After a battering of markets on Monday, Wall Street took little comfort in news that central banks were pumping up liquidity to banks and the Federal Reserve opened its coffers to companies hit by the credit crunch with a new program that will buy up commercial paper, short-term debt critical for many corporate operations.
   
"The financial panic of the past month has sent the economy into a tailspin. The question is no longer whether there is a recession, but how severe it will be," said Mark Zandi at Economy.com.
  

Date created : 2008-10-08

COMMENT(S)