Wall Street Tumbles Amid Global Sell-Off

NEW YORK (AP) - It has been another extraordinary and traumatic day on Wall Street, with the Dow Jones industrials plunging as much as 800 points before closing with a loss of about 350.
   
The catalyst for the frantic selling was investors’ growing realization that the credit crisis is likely to take a heavy toll around the world. And while the Bush administration is starting to implement its $700 billion financial rescue plan, that and steps taken by other governments won’t be enough to stop the global spread of credit troubles.
   
The Dow set a new record for a one-day point drop and also fell below 10,000 for the first time since 2004. But it recovered somewhat in erratic trading as bargain hunting set in. The blue chips closed with a loss of about 350 at the 9,971 level.

Crude, gasoline prices head lower
NEW YORK (AP) - Oil prices have traded under $90 a barrel for the first time in eight months. Traders expect the widening financial crisis could drastically reduce global demand for energy. Light, sweet crude for November delivery was recently down $3.06 to $90.82 a barrel on the New York Mercantile Exchange.

Oil prices have tumbled nearly 40 percent since peaking in July. A significantly stronger dollar also weighed on prices.
   
At the pump, auto club AAA says the average price for regular unleaded is down to $3.50 a gallon. That is down 61 cents a gallon from the record seen in mid-July.

Bush: Financial rescue plan will take some time
SAN ANTONIO, Texas (AP) - President Bush says the 700 billion-dollar plan to save the teetering U.S. economy will take some time to work.
   
After meeting with small-business owners at an old-fashioned soda shop in San Antonio, Texas, the president sought patience from a jittery country.
   
Congress last week approved a massive plan of federal intervention that allows the government to buy up devalued assets from financial companies in hopes of unlocking frozen credit lines.
   
Bush said he signed the bill last week, but that “it’s going to take awhile” to get the program working fully and effectively. He called it a big step toward solving the problem.

Panel hears about money for Lehman execs as company neared collapse
WASHINGTON (AP) - The chief financial officer of Lehman Brothers has told a House panel that he feels “horrible” about his company’s bankruptcy, which helped trigger the financial crisis.
   
Documents show Lehman executives were given millions as the firm pleaded for federal help.
   
The hearing before the House Government Oversight Committee today is part of the normal congressional review process. Much of that was skipped in the rush to get the rescue bill enacted and to reassure nervous investors and the public. More hearings will be held in coming weeks.
   
Lehman Brothers Holdings Incorporated became the largest company to file for bankruptcy, and that event along with the government’s rescue of American International Group Incorporated were among a host of developments that fostered growing market instability in the United States and around the world.