Wall Street appears not to believe the $700bn rescue package is going to save the U.S. from recession, even if it does alleviate the credit crunch if the House of Representatives vote for it. The Senate passed it yesterday.
The Dow Jones Industrial Index closed 3.2% or 348 points to close at 10,482. The broader S&P 500 dropped even more with a 46.78 drop or 4% to 1,114. Traditional cyclical sectors, manufacturing, chemical production and mining industries fared worst. These typically are hit hardest by recessions.
The FTSE 100 fell 1.8%
In other news, the European Central Bank left interest rates at 4.25%.
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