Dow drops more than 700 points - Spokane, North Idaho News & Weather KHQ.com

Dow drops more than 700 points

NEW YORK, N.Y. -  A nervous Wall Street that has yet to see credit relief is pushing stocks still lower. The Dow has plummeted more than 700 points, dipping well under 10,000. Investors around the world are becoming more convinced that the financial crisis is spreading to other countries, sending stocks lower everywhere.

The Bush administration's 700 billion dollar rescue plan won't work quickly to unfreeze the credit markets, and many banks are still having difficulty gaining access to cash. That's caused investors to exit stocks and move money into the relative safety of government debt.

Over the weekend, governments across Europe rushed to prop up failing banks. The German government and financial industry agreed on a 68-billion dollar bailout for commercial-property lender Hypo Real Estate Holding. France's BNP Paribas agreed to acquire a 75 percent stake in Fortis's Belgium bank after a government rescue failed.

The governments of Germany, Ireland and Greece also said they would guarantee bank deposits.

The Federal Reserve also took fresh steps to help ease seized-up credit markets. The central bank said it will begin paying interest on commercial banks' reserves and will expand its loan program to squeezed banks.

  • Most Popular StoriesMost Popular StoriesMore>>

  • CdA parents concerned over Zipfizz sale; school district responds

    CdA parents concerned over Zipfizz sale; school district responds

    Monday, October 22 2018 10:46 PM EDT2018-10-23 02:46:38 GMT

    COEUR D'ALENE, Idaho - Ashley Bales says her daughter came home from school one day and told her about classmates at Woodland Middle School selling something she was concerned with, Zipfizz. "With my daughter having a preexisting health conditions it got me concerned for other kids in the same position to be being sold that without their parents having knowledge of it," Bales said.

    >>

    COEUR D'ALENE, Idaho - Ashley Bales says her daughter came home from school one day and told her about classmates at Woodland Middle School selling something she was concerned with, Zipfizz. "With my daughter having a preexisting health conditions it got me concerned for other kids in the same position to be being sold that without their parents having knowledge of it," Bales said.

    >>
  • Suspect from fatal hit-and-run crash in Liberty Lake arrested

    Suspect from fatal hit-and-run crash in Liberty Lake arrested

    Monday, October 22 2018 10:05 PM EDT2018-10-23 02:05:30 GMT

    LIBERTY LAKE, Wash. - A suspect from a fatal hit-and-run crash in Liberty Lake last Thursday has been arrested. After the suspect vehicle was towed to the Liberty Lake Police Department, a search warrant was executed with the assistance of Washington State Patrol. Based on evidence collected, police developed probable cause to arrest 21-year-old Pavel Kanyushkin.

    >>

    LIBERTY LAKE, Wash. - A suspect from a fatal hit-and-run crash in Liberty Lake last Thursday has been arrested. After the suspect vehicle was towed to the Liberty Lake Police Department, a search warrant was executed with the assistance of Washington State Patrol. Based on evidence collected, police developed probable cause to arrest 21-year-old Pavel Kanyushkin.

    >>
  • Changes to Washington overtime rules could increase worker eligibility

    Changes to Washington overtime rules could increase worker eligibility

    Tuesday, October 23 2018 1:24 AM EDT2018-10-23 05:24:23 GMT

    SPOKANE, Wash. (AP) - Proposed changes to Washington state's overtime rules could make more professional workers eligible for time-and-a-half pay. The Spokesman-Review reports a draft concept by the state Department of Labor and Industries proposes overtime eligibility for workers earning up to $74,800 in 2019. The proposals are linked to a multiplier of the state's minimum wage, which will increase to $12 per hour next year and $13.50 per hour in 2020.   

    >>

    SPOKANE, Wash. (AP) - Proposed changes to Washington state's overtime rules could make more professional workers eligible for time-and-a-half pay. The Spokesman-Review reports a draft concept by the state Department of Labor and Industries proposes overtime eligibility for workers earning up to $74,800 in 2019. The proposals are linked to a multiplier of the state's minimum wage, which will increase to $12 per hour next year and $13.50 per hour in 2020.   

    >>
HD DOPPLER 6i
/