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Dow industrials plunge 500 amid global sell-off
Monday October 6, 10:53 am ET
By Joe Bel Bruno, AP Business Writer
Dow industrials plunge more than 500 points amid growing fears that credit crisis is spreading
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.