Declines Seen Abroad, U.S. Stocks in Choppy Trade

By: Associated Press Email
By: Associated Press Email

New York (AP) Stock prices have seen more volatile trade on Wall Street, moving between positive and negative territory so far today.

Before the opening bell, the Federal Reserve was joined by other central banks in cutting benchmark interest rates. Analysts call it another needed step aimed at breaking the credit crunch that has put a stranglehold on the global economy.

As a demonstration of those troubles, retailers reported generally downbeat September sales numbers this morning.

Before the rate cuts were announced, overseas markets were seeing dramatic declines, including a 9 percent drop in Tokyo.

The British Government announced an $87 billion plan to partly nationalize major banks, with taxpayers taking stakes in a bid to shore up the financial sector.

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