Wall Street tumbles amid global sell-off

By By JOE BEL BRUNO, AP Business Writer

Story Created: Oct 6, 2008 at 10:26 AM EST

Story Updated: Oct 6, 2008 at 10:26 AM EST

NEW YORK (AP) - Wall Street is plunging, with the Dow Jones industrials down more than 500 points amid growing fears that the credit crisis is spreading around the world.

Investors are realizing that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze credit markets, and many banks are still having difficulty gaining access to cash.

European governments also took steps over the weekend to limit the damage from the growing global financial crisis.

The Federal Reserve also took fresh steps to help ease credit markets Monday.

The Dow is down more than 570 points at the 9,747 level.

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On the Net:

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

 

(Copyright 2008 by The Associated Press. All Rights Reserved.)
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