US stocks plunge on financial turmoil

Business Materials 16 September 2008 01:23 (UTC +04:00)

US stocks were in a dramatic sell-off Monday amid a widening credit crisis, as bank failures and takeovers eroded the confidence of investors.

The blue-chip Dow Jones Industrial Average closed down more than 500 points to below 11,000 - its biggest one-day drop since 2002, dpa reported.