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News // Markets & Stocks

U.S. Stock Market Losses Equal to the Bush's Bailout Package

08 October 2008 , 10:49Ksenia Kochneva1025
The Dow Jones industrial average dropped 508.39 points, or 5.1%, to close at 9,447.11. It has now lost more than 1,400 points over the past five sessions, or nearly 13% of its total value.
The point decline is the largest five-day drop ever, and the biggest five-day percentage drop since the September 11, 2001 terrorist attacks.

This month's total loss is around $2.2 trillion.

Federal Reserve Chairman Ben Bernanke spoke of the "historic dimensions" of the current crisis, RIA Novosti reported. The on;y way to boost the economy seen by Bernarke is for the central bank to cut interest rates.

U.S. President George W. Bush urged industrialized countries to work together to tackle the worldwide credit crunch.

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