Wall Street rebounded yesterday afternoon from early deep losses as
investors hunted for bargain after the major indexes plunging more than 7
percent.
However, the Dow Jones industrial average was down more than 300 points to
settle below 10,000 points, the first time since October 2004.
Wall Street joined a global sell-off as investors realized that the U.S.
government's 700-billion-U.S. dollar rescue plan won't work quickly to unfreeze
the credit markets.
The emergency rescue of two big European banks and a move by several European
governments to guarantee bank deposits intensified fears that the credit crisis
can not be contained.
The Dow Jones industrial average fell 369.88 points, or 3.58 percent, to
9,955.50. The Standard & Poor's 500 Index skidded 42.34 points, or 3.85
percent, to 1,056.89, while the Nasdaq Composite Index dropped 84.43 points, or
4.34 percent, to 1,862.96.
