Congressional approval of the US bail-out bill failed to boost Wall Street as the Dow hit a four year low dropping 369 points on Monday.
The Dow Jones sank below 10,000 points reflecting investors’ fears of a major recession.
President Bush told the nation it would take time for the bill to bolster the economy but he emphasised that it was a major step forward in combating the financial crisis.
The bill was approved by the House of Representatives on Friday after initial rejection earlier in the week.
Published: 07-10-08
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- RBA slashes rates by 100bps
- CBA confirms bid for BankWest
- Business expectations slump
- Credit crisis spreads through Europe
