Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Trumpcare Falls Before First Hurdle

Read more

THE WORLD THIS WEEK

Westminster Attack, Abadi in Washington (part 1)

Read more

THE WORLD THIS WEEK

Obamacare, Europe's Unholy Alliances, Martin McGuinness (part 2)

Read more

INSIDE THE AMERICAS

Export bans hit Brazil amid tainted meat scandal

Read more

FRANCE IN FOCUS

Presidential election: French voters in turmoil

Read more

#TECH 24

Inside Netflix's war room

Read more

FOCUS

French Catholic voters remain faithful to scandal-hit Fillon

Read more

PEOPLE & PROFIT

Growing ambitions: The forces driving India's economy

Read more

#THE 51%

The mistress hunters

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)