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Fresh carnage on Wall Street

Katie Allen and Graeme Wearden guardian.co.uk, Tuesday January 22 2008

A massive emergency cut in US interest rates was not enough to avoid fresh carnage on Wall Street this afternoon.

The US Federal Reserve had earlier stunned the markets with its 75 basis point cut to 3.5%, reacting to growing fears of a recession in the world's largest economy.

However it did not prevent a rush of selling when Wall Street opened an hour later. The Dow Jones industrial average plunged more than 400 points within minutes of the opening bell, and was down almost 4% at 11,679.

The FTSE continued its volatile ride today, and was up around 17 points, or 0.3%, at 5,595 after US trading began. Yesterday it plunged 5.5%, the biggest fall since 9/11.

The interest rate cut, which came ahead of the Fed's scheduled meeting next week, is the biggest in more than two decades and follows steep stock m

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Added: Jan-22-2008 
By: allyssa
In:
News
Tags: financial, stock market, wall street, credit crunch, federal reserve
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  • I hope that fucking stock market, the biggest fucking gambling casino in the world, collapses permanently.

    Posted Jan-22-2008 By 

    (1) | Report

  • Three point five per cent! That is how much interest rate banks charhe each other, when they charge us 20, sometimes 30 % or more!

    You fucking thieves!

    Posted Jan-22-2008 By 

    (0) | Report

  • Ariomaniac: "
    Three point five per cent! That is how much interest rate banks charhe each other, when they charge us 20, sometimes 30 % or more!

    You fucking thieves!
    "
    Please take an economics class. You need to understand risk.

    As for the vid, nice try libs.

    Posted Jan-22-2008 By 

    (0) | Report