Don't miss

Replay


LATEST SHOWS

TALKING EUROPE

Dealing with returning jihadists: Is de-radicalisation possible?

Read more

ENCORE!

Noel Gallagher, Bryce Dessner and ‘David Bowie is’ in Paris

Read more

THE INTERVIEW

'Agent Storm': How a militant Islamist became a CIA spy

Read more

FOCUS

China: New reform set to benefit migrants

Read more

THE OBSERVERS

Caged children in Syria and dumpster diving in Ivory Coast

Read more

IN THE PAPERS

French local elections: April 21st all over again?

Read more

IN THE PAPERS

Nemtsov murder: 'Calculated political violence'

Read more

EYE ON AFRICA

Paul Kagame visits UNESCO HQ in Paris

Read more

BUSINESS DAILY

Samsung hopes to win back lost ground with new phones

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)