Market convulses for 8th straight day

Posted: Updated:

Following a roller coaster ride of a trading day on Wall Street, the markers closed in the red for the eighth day in a row.

With the sound of the opening bell, Dow Jones lost 700 points and then briefly recovered as a prelude to the day-long market see-saw.

Adding to the instability of the market and the crumbling of the nation?s major investment banks, auto giant General Motors saw its shares plummet to just under $5 - the company's worst loss since 1950.

In Washington, D.C., President Bush delivered a speech in the Rose Garden, calling the $700 billion rescue plan that was passed last week "aggressive" and big enough to be effective. He added, however, that it will take some time for the economy to recover.

"We will continue to resolve this crisis and restore stability to our markets," Bush said.

The president went on to talk about the possibility of the U.S. Treasury buying up shares in troubled banks and injecting them with capital to unfreeze lending.

Bush is expected to meet finance ministers and central bankers from the G7 industrial nations Saturday in an attempt to come up with a solution to the financial crisis.

"Through these efforts, the world is sending an unmistakable signal: We're in this together, and we'll come through this together," Bush said.

Click here for more on effect of crisis on people's savings

sorry to interrupt
your first 20 are free
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please enjoy 20 complimentary views of articles, photos, and videos during the next 30 days.
you have reached your 20 view limit
Access to News 12 is free for Optimum, Comcast®, Spectrum Networks® and Service ElectricSM customers.
Please login or create an account to continue enjoying News12.
Our sign-up page is undergoing maintenance and is not currently available. However, you will be given direct access to news12.com while we complete our upgrade.
When we are back up and running you will be prompted at that time to complete your sign in. Until then, enjoy the local news, weather, traffic and more that's "as local as local news gets."