U.S. stocks tumble 4% despite financial stability plan

Special Report:Global Financial Crisis

Photo taken on Feb. 10, 2009 shows the

electronic board showing the NYSE index at the New York Stock Exchange in

New York, the United States. U.S. stocks plunged on Tuesday with all major

indexes dropping more than 4 percent as investors were disappointed that

the new Financial Stability Plan did not offer more details on buying

toxic assets. (Chinese media/Hou Jun)
Photo

Gallery

NEW YORK, Feb. 10 (Chinese media) -- U.S. stocks plunged on

Tuesday with all major indexes dropping more than 4 percent as investors were

disappointed that the new Financial Stability Plan did not offer more details on

buying toxic assets. Dow Jones Index shed more than 380 points.

U.S. Treasury Secretary Tim Geithner announced a

comprehensive Financial Stability Plan Tuesday morning unveiling a new bailout

package that could top 1.5 trillion U.S. dollars to restore the U.S. ailing

financial system. However, Geithner gave no detail on how the new joint entity

would price the toxic assets and what the size of the fund would be.

Financials suffered a severe sell-off. Bank of

America lost 19.3 percent, and Citigroup tumbled 15.19 percent.

The Dow Jones fell 381.99, or 4.62 percent, to

7888.88. Broader indexes also lost ground. The Standard Poor's 500 index

dropped 42.72, or 4.91 percent, to 827.17 and the Nasdaq slid 66.83, or 4.20

percent, to 1524.73.

Obama administration unveils new financial

bailout package

WASHINGTON, Feb. 10 (Chinese media) -- The Obama

administration Tuesday morning unveiled a new financial bailout package that

could top 1.5 trillion dollars to restore the U.S. ailing financial system. Full story