US stocks have plunged for a second consecutive day with a sharp downward spiral reinforced by fears of a deeper credit crunch leading to severe recession.
The Dow Jones Industrial Average sank more than 500 points on Tuesday to a five-year closing low of 9,447.11. Earlier Federal Reserve chairman Ben Bernanke hinted that the central bank would cut interest rates as the outlook for economic growth in the United States worsened. The European Central Bank meanwhile announced a schedule for new coordinated action it will take with other central banks to expand the provision of US dollars to cash-strapped commercial banks.
(Deutsche Welle)
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