U.S. stocks plunge as global credit crisis spreads

Date: Mon, 29 Sep 2008 12:02:59 -0400
U.S. stocks plunge as global credit crisis spreads

U.S. stocks plunge as the global credit crisis spreads, with four
bailouts in Europe and the takeover of Wachovia Corp. in the U.S.
roiling securities, commodities and currencies markets.

Citigroup to acquire Wachovia's operations in U.S.-backed move

Wachovia becomes the latest financial-services giant to succumb to the
global credit crunch under a sell-off of operations to Citigroup Inc.

Futures Movers: Oil futures tumble 6% on demand concerns

Crude-oil futures tumble 6%, pressed by worries that the U.S.
government's bailout plan may not be enough to stem the banking crisis
and that slowing global economic growth will dempen demand for oil.

Fed, central banks keep heat on frozen money markets

The Federal Reserve and other major central banks took unprecedented
steps Monday to pour hundreds of billions of dollars in additional
liquidity into money markets left paralyzed by fears of further bank
failures in the United States and Europe.

Currencies: Euro, British pound plunge on bank woes

The government rescue of Belgian-Dutch financial giant Fortis and the
decision to nationalize another U.K. lender over the weekend combine to
put the euro and sterling under heavy selling pressure, with currency
traders piling into the dollar.