Wednesday, October 8, 2008

NEW YORK (AP) – Wall Street is down again after a rate cut by the Federal Reserve and other central banks failed to calm investors worried about stagnant credit markets.

While investors had sought the one-half point cut by the Fed, they realized that a rate reduction won’t help make credit easier for businesses and consumers to get anytime soon. The credit markets aren’t showing any immediate signs of relaxing.

The Dow Jones industrials, already down 875 points this week, are off 72 at the 9,374 level, but have regained ground from the first minutes of trading. All of the major indexes, including the Standard & Poor’s 500 index and the Nasdaq composite index, are down about 1 percent.

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