Speaking in Washington, President Bush said the administration has taken significant steps to provide liquidity to the markets and that Americans should be confident about the U.S. economy's future. Bush also said that over time, steps already taken by the government would gain traction.
Financial stocks were at the forefront of investor skepticism thanks to nearly dry credit markets.
Battered firms Morgan Stanley (MS) and Goldman Sachs (GS) were again in focus. Ratings agency Moody's said it may cut Morgan Stanley's credit rating, and lowered its credit outlook for Goldman to negative. Both stocks were posting sizeable double-digit losses.
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