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LONDON (AP) - European governments struggled to find a coordinated response to the crisis sweeping financial markets Monday, as one country after another announced sweeping deposit guarantees on their own to try and shore up their banks. Stock markets plunged.
WASHINGTON (AP) - Stock markets plummeted still lower on Wall Street and around the world Friday despite all efforts to slow the selling stampede.
Wall Street capped one of its worst weeks ever with a wild session Friday that saw the Dow Jones industrials rocket within a 1,000 point range before closing with a relatively mild loss and the Nasdaq composite index actually end with a modest advance.hr noshade size=1 width=50%>
The U.S. government will buy an ownership stake in a broad array of American banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said late Friday, announcing the historic step after stock markets jolted still lower around the world despite all efforts to slow the selling stampede.
Panicked investors across Asia and Europe scrambled to exit equities, sending stock markets falling for the seventh consecutive day yesterday as fears of a global recession heightened.
Oil prices plummeted to a one-year low below US$83 a barrel Friday in Asia as investor fears of a severe global economic downturn sparked a panicked sell-off of equities and crude.
Stocks plunged in the final hour of trading Thursday, sending the Dow Jones industrial average down 679 points - more than 7 percent - to its lowest level in five years after a major credit ratings agency said it might cut its rating on General Motors Corp.hr noshade size=1 width=50%>
Asia-Pacific markets remained fragile although losses were not as large as Wednesday's when a coordinated emergency rate cut by the US Federal Reserve and six other central banks did not do much to allay fears of impending global recession and more bank failures.