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Wall Street plunges; Dow down 194 points
Published on Mon, Mar 17 at 08:14 , Updated at Mon, Mar 17 at 09:45
Source : moneycontrol.com
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Wall Street plunged for the third time this week on news that the New York Fed and J-P-Morgan chase. Will provide emergency funding to Bear Stearns to stave off liquidity problems arising from the credit crisis. Bear Stearns will get a secured loan facility for an initial period of up to 28 days. The Bear Stearns stock plunged almost 50 percent after the news of the financing came in. The volatility index rose 14 percent to 31.16. The biggest advance in two months. The Bear Stearns news overshadowed economic reports of a stable inflation and good consumer confidence. The Dow lost 194.65 points, or 1.60%, to 11,951.09. The Standard & Poor's 500 index plunged 27.34 points, or 2.08%, to 1,288.14, and the Nasdaq composite index declined 51.12 points, or 2.26%, to 2,212.49. A look at how the Indian ADRs performed:
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