Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Thousands flee Libya and Nigeria to seek refuge in Niger

Read more

INSIDE THE AMERICAS

Sony Pictures reels from cyber-attack

Read more

MEDIAWATCH

"Todos somos Americanos"

Read more

IN THE PAPERS

Cuba-USA: 'A roll of the dice'

Read more

IN THE PAPERS

The 'Caribbean Wall' is starting to crumble

Read more

WEB NEWS

Sydney siege: Australians show solidarity with Muslims

Read more

ENCORE!

"Charlie's Country" director Rolf de Heer on the contemporary Aboriginal condition

Read more

FOCUS

Hunt for Joseph Kony and LRA militants continues

Read more

THE INTERVIEW

‘China needs Tibetan culture of peace,’ says Dalai Lama

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)