Rout Continues in Europe - TheStreet

Rout Continues in Europe

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FRANKFURT -- The rout continued, with stocks and investor sentiment in freefall.

Indices fell 4%-6% before bouncing modestly. Markets remained wobbly, jittery and at the mercy of Wall Street.

Banks again got whacked as sellers jumped off the sinking financial ship. The Dutch bank

ING

dropped 13% after last night's profit warning and dismissal of 1,200 employees. Top-level

UBS

officials resigned today to accept blame for

Long Term Capital Management

hedge fund losses.

LTCM casualty

Dresdner Bank

fell 9%, bringing its loss this week to 21%. But banks were not alone in being walloped. In Paris, leading software firm

Cap Gemini

tumbled 12% and in London

Glaxo Wellcome

(GLX)

dropped 10% on news that

DaimlerChrysler

won't join the

S&P 500

index.

Chrysler

(C) - Get Report

shares fell 9% in Frankfurt on the news.