Global Markets Respond to Credit Squeeze

Asian stocks fell sharply, as fallout from the growing credit crunch stretched from France's largest publicly owned bank to the largest home-mortgage lender in the U.S. Amid the decline, the Bank of Japan says it injected more than $8 billion into money markets.

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RENEE MONTAGNE, host:

In our business news, U.S. stock market has taken another pounding.

Stock prices are trading lower for a second straight day as concerns about the credit crunch continue to plague investors. The major stock indexes are all down about one percent. But they managed to trim their losses after the Federal Reserve said it would pump cash into the banking system to keep financial markets operating normally.

Earlier today, the European Central Bank and banks in Asia also injected money to try to calm the global turmoil. Asian and Europeans stocks also traded lower.

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