Source: CCTV.com
09-30-2008 09:27
Special Report: Global Financial CrisisUS stocks plunged sharply on Monday, in response to the House of Representatives' rejection of the bailout plan.
The Dow Industrial Average plummeted almost seven percent to 10,365 points, while the S&P-500 was down nearly nine percent to 1,106. Investors fear the bailout plan's failure to win legislative approval will force the country into a worsening credit and economic crisis. They are worried the financial system will keep sinking under the weight of failed mortgage debt, if it does not get a strong rescue from the government.
Meanwhile, light crude oil futures prices plunged over 10 US dollars to settle at 96.36 dollars per barrel. The House rejection of the bailout plan has increased market fears that a prolonged economic downturn might sharply curtail energy demand.
Editor:Liu Fang
