The world's leading stock indexes are plunging one-by-one (Monday),
as fears grow that the financial crisis is getting ready to claim more
institutions.
In the United States, the Dow Jones Industrial Average dropped more than seven
percent. The almost 800-point plunge set a one-day record.
Earlier, it fell below the 10-thousand mark for the first time in four years.
Major European shares suffered their worst one-day loss performance ever (as
measured by percentages), while Japan's leading stock index dropped to a
four-year low.
Brazil suspended trading after its main index fell more than 10 percent, while
Russian officials say the country's benchmark stock exchange (RTS) had
its worst-ever one-day fall.
Fears about the overall economy also caused oil prices to drop to an
eight-month low (of less than 90 dollars a barrel) during trading in New
York.
Attempts by world leaders to stem the massive slide are failing to make any
impact, and some investors are calling today "Black Monday."
European leaders tried to reassure investors, saying today they would do what
is necessary to restore confidence and stability to the financial system.
U.S. President George Bush also said investors need to give the country's
700-billion-dollar rescue plan for troubled financial institutions time to
work.