Frantic selling take markets to nadir

Associated Press
Posted: Saturday, Oct 11, 2008 at 1230 hrs IST
Updated: Saturday, Oct 11, 2008 at 1230 hrs IST

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US recession ends, unofficially US stocks soar to new 2009 highs India 6th most active nation in global IPO space

Washington, October 11: : that has jolted the world economy in more than a half-century.

"We've seen that problems in the financial system are not isolated to the United States," he said. "So we're working closely with partners around the world to ensure that our actions are coordinated and effective."

The Dow dropped a little over 100 points while he was speaking.

Fear has tightened its grip on investors worldwide even as the United States and other countries have taken a series of radical actions including an unprecedented, coordinated interest rate cut by the Federal Reserve and other major central banks.

Besides the United States, the other members of the G7 -- the Group of Seven -- meeting in Washington are Japan, Germany, Britain, France, Italy and Canada. Finance officials also planned to meet with Bush Saturday at the White House....

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