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Bank rate cuts not a quick fix; Dow falls 2% despite moves in the U.S. and abroad. 'Too early to...
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Emergency interest rate cuts Wednesday by the Federal Reserve and five other central banks left in doubt whether government efforts to cure the financial crisis would show results fast enough to avert fresh panic and serious economic damage. The synchronized actions failed to inspire stock investors. The Dow Jones industrial average fell 189 points, or 2%, its sixth straight daily decline. European markets fared much worse, with most stock indexes plunging 5% to 7%. There were only hints of improvement in the credit markets. U.S. Treasury Secretary Henry M. Paulson acknowledged that the financial system's problems could last for some time.
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