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It has been another extraordinary and traumatic day on Wall Street, with the Dow Jones industrials plunging as much as 800 points before closing with a loss of about 370.
The catalyst for the frantic selling was investors’ growing realization that the credit crisis is likely to take a heavy toll around the world, according to the Associated Press. And while the Bush administration is starting to implement its $700 billion financial rescue plan, that and steps taken by other governments won’t be enough to stop the global spread of credit troubles.
The Dow set a new record for a one-day point drop and also fell below 10,000 for the first time since 2004. But it recovered somewhat in erratic trading as bargain hunting set in.
Crude oil futures also plummeted, dropping more than 6% to below $88 a barrel on Monday (Oct. 6) as a global market rout churned concerns that faltering fuel demand could slow further.
U.S. crude settled down $6.07 at $87.81 a barrel after hitting an eight-month low of $87.56. London Brent crude fell $6.57 to settle at $83.68 a barrel.
Crude prices have sunk from a peak over $147 a barrel set on July 11 as high fuel prices and the growing financial crisis slow oil demand in top consumer the United States and other industrialized nations.