US stocks plummet further; Dow below 9,000 points

New York, October 9, SPA -- US stocks plummeted again on Thursday and
the Dow Jones Industrial Average dropped below 9,000 points as a series of US and global efforts to tackle the financial crisis have failed to calm the widespread fears of investors, according to DPA.

Both the blue-chip Dow and broader Standard & Poor's 500 tumbled
more than 7 per cent. The Dow has now lost more than 35 per cent of
its value since reaching all-time highs above 14,000 one year ago.
The S&P's seven straight days of losses mark the longest downward
streak since 1996.

The plunges came as the US Treasury indicated it would buy up
shares in banks to help inject capital into shaky financial
institutions.

But US officials have also continued warning that a 700-billion-
dollar rescue package would take some time to have an impact on the
massive credit crunch that has struck the US economy.

"It took us a while to get here and it's gonna take us a while to
get out of this thing," White House economic advisor Edward Lazear
told broadcaster CNN.

International Monetary Fund Managing Director Dominique Strauss-
Kahn warned Thursday that the world was on the "cusp" of a recession
as the crisis has spread well beyond the United States.

The Dow plunged 678.91 points, or 7.33 per cent, to 8,579.19. The
broad-based Standard and Poor's 500 tumbled 75.02 points, or 7.62 per
cent, to 909.92. The high-tech Nasdaq Composite index shed 95.21
points, or 5.47 per cent, to 1,645.12.