U.S. stocks down steeply on AIG-induced anxiety

Date: Wed, 17 Sep 2008 12:03:09 -0400
U.S. stocks down steeply on AIG-induced anxiety

NEW YORK
U.S. stocks dived deeply on Wednesday as investors questioned whether
the government's rescue of American International Group Inc. would stop
financial sector hemorrhaging and as home building tumbled again in
August.

Uncle Sam blinks, steps in to bail out AIG

The U.S. government late Tuesday took control of giant insurer American
International Group, reversing its position from just hours earlier and
acknowledging that the company's failure would have tossed the world's
financial system into chaos.

Japan, Australia pump $31.9 billion into markets

The Bank of Japan injects 2 trillion yen ($18.8 billion) into money
markets Wednesday morning, the second straight day it has undertakes
special operations to help ensure ample liquidity during the global
financial market turmoil.

Economic Report: Home building weakens further in August

Home building tumbles again in August, with the number of new building
permits for single-family homes dropping to a 26-year low, the Commerce
Department estimates.

FundWatch: Fund managers gloomier on economy in September, survey says

The number of fund managers taking the view that the global economy is
in recession rose sharply in September, according the Merrill Lynch's
monthly survey.