Global Markets Respond to Credit Squeeze
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.
NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.