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| Politics
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| Turmoil sends US stocks tumbling |
| US stocks have plunged to a three-year low amid continuing financial volatility and despite the bailout of American insurance giant AIG
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| UNITED STATES OF AMERICA
, 18-September-2008
6:14:0 AM |
| The Dow Jones industrial average fell more than 4% to end at 10,609.66.
In early Thursday trading, Tokyo's Nikkei fell by 3%, with investors still unnerved by recent events sparked by the demise of Lehman Brothers.
After AIG's collapse, the White House said the US Treasury was working to see if it could stem other losses.
White House spokeswoman Dana Perino defended the $85bn (£48bn) emergency loan for AIG.
"While no-one would have liked to have ended up in this situation, you have a government that is willing to lead," she said.
How big are these companies?
Ms Perino insisted: "Our economy has the strength to be able to deal with these shocks."
However she said the government was still concerned about the stability of other big financial companies and it would take time to work through what she called these challenging times
President George W Bush has not answered questions on the economic situation and had cancelled a statement he was set to make on Tuesday.
When asked by a reporter in the Oval Office on Wednesday to comment, Mr Bush said he had not heard the question and joked: "I'm old."
It was a difficult day for the two remaining independent US investment banks, Morgan Stanley and Goldman Sachs, which both fell heavily on Wall Street.
Morgan Stanley was down 24% at $21.75 despite better-than-expected quarterly profits. Goldman Sachs fell 13.9% to $114.50.
The tech-heavy Nasdaq index also plummeted - shedding 4.94% to 2,098.85.
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