Wall Street tumbles following global sell-off

　　Wall Street opened sharply lower Monday, as investors were worried about financial chaos and economic slowdown around the world.

　　Investors feared that the Bush administration's 700 billion U.S. dollar rescue plan couldn't avert economic slowdown and will not quickly unfreeze the credit markets.

　　Meanwhile, European governments have taken measures to back failing banks over the weekend. The German government and financial industry agreed on a bailout for commercial-property lender Hypo Real Estate Holding AG, and France's BNP Paribas agreed to acquire a 75 percent stake in Fortis's Belgium bank.

　　Concerns about Global financial chaos and economic slowdown gnawed at the investors, which triggered overselling of equities around the world. The sell-off overshadowed the fresh steps from the Federal Reserve, aimed at easing credit markets. The Fed announced that it will begin paying interest on commercial banks' reserves and will expand its loan program.

　　Oil prices plummeted Monday morning and briefly dropped below 90 U.S. dollars per barrel on speculation that a global economic slowdown will cut demand for crude oil. Light, sweet crude tumbled2.81 dollars to 91.07 dollars per barrel on the New York Mercantile Exchange.

　　The Dow Jones Average plummeted Monday below 10,000 points for the first time since October 2004. Broader indexes also fell. The Standard & Poor's 500 index decreased 24.64 to 1,074.59, and Nasdaq fell 46.01 to 1,901.38.

　　由于对信贷紧缩和全球经济放缓的担忧情绪引发的全球性抛售打压市场，６日纽约股市再度出现暴跌。

　　当天开盘后，纽约股市三大指数跌幅迅速超过２％，纽约证券交易所内９００支股票跌至历史新低。美国东部时间上午１０点左右，道琼斯指数跌破１００００点，这是２００４年
　　１０月以来，该指数首度跌破万点关口。到美国东部时间上午１０点５０分，道琼斯指数下跌近５５０点，报于９７７０点。

　　美国政府上周批准的７０００亿美元救市计划和欧洲各国周末对金融业的救援措施均未能增强投资者的信心。投资者担心各国政府的援救举措很难在短期内缓解信贷紧缩的状况，信贷危机向全球扩散将导致各国经济进一步放缓。由此引发的全球性股票抛售行为导致全球股市大跌，并抵消了美国联邦储备委员会新举措对市场的利好影响。

　　当天，美联储宣布，将开始为银行准备金支付利息，并可能将其对银行业的贷款规模扩大至９０００亿美元。

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