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| Version 0 | Version 1 |
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| US shares slide on bail-out fears | US shares slide on bail-out fears |
| (about 3 hours later) | |
| US shares closed sharply lower amid uncertainty about the impact of the massive US financial bail-out plan gripped the markets. | |
| The Dow Jones index closed 372.75 points, or 3.3% lower, wiping out the gains made during Friday's rally. | The Dow Jones index closed 372.75 points, or 3.3% lower, wiping out the gains made during Friday's rally. |
| Banking shares were amongst the biggest fallers. Washington Mutual fell 21.6% and Wachovia was down 21%. | Banking shares were amongst the biggest fallers. Washington Mutual fell 21.6% and Wachovia was down 21%. |
| Some investors switched to perceived safe havens such as oil, helping it to a record one-day gain. | Some investors switched to perceived safe havens such as oil, helping it to a record one-day gain. |
| At the end of the New York trading session, US light sweet crude was more than $16 higher at $120.92 a barrel. | At the end of the New York trading session, US light sweet crude was more than $16 higher at $120.92 a barrel. |
| Investors were anxious about the impact of the US government's $700bn (£382bn) plan to buy-up "toxic" mortgage-backed securities. | |
| "While desperate times require desperate measures, this might be a bit too desperate," said Paul Nolte, analyst with Hinsdale Investments. | "While desperate times require desperate measures, this might be a bit too desperate," said Paul Nolte, analyst with Hinsdale Investments. |
| "Of course, even if passed [by Congress], the program will not have an immediate impact upon the markets, it will be drawn out over the next six to 12 months," Mr Nolte added. | "Of course, even if passed [by Congress], the program will not have an immediate impact upon the markets, it will be drawn out over the next six to 12 months," Mr Nolte added. |
| Stock markets in Europe also closed lower. In London the FTSE 100 index ended down 1.4%. Germany's Dax was 1.3% down while in Paris the Cac 40 was 2.3% lower. | Stock markets in Europe also closed lower. In London the FTSE 100 index ended down 1.4%. Germany's Dax was 1.3% down while in Paris the Cac 40 was 2.3% lower. |