USA stocks tumbled on wednesday after USA Treasury Secretary Henry M. Paulson Jr. said the government is shelving its initial plans to buy banks'
toxic assets and is instead focusing on injecting capital into banks and companies that lend to households and businesses.
That news, along with a steep drop in oil prices and fresh evidence of a severe slump in consumer spending, drove the three USA major indexes down
more than 4 percent in the market's third straight day of losses.
The Dow Jones industrial average closed down 4.73 percent, or 411.30 points, at 8282.66, its lowest level since Oct. 27. The broader Standard & Poor's 500-stock index fell 5.19 percent, or 46.65 points, to close at 852.30. The tech-heavy Nasdaq composite index closed down 5.17 percent, or 81.69 points, at 1499.21.
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