Bailout's gonna save us!

Or not.

Dow falls below 10,000
Blue-chip average falls below the milestone for the first time in nearly 4 years as fears about financial crisis grow.

NEW YORK (CNNMoney.com) -- Stocks tumbled Monday, with the Dow Jones industrial average falling below 10,000 for the first time in nearly four years, as European governments' rush to prop up failing financial firms underscored the global reach of the credit crunch.

Credit markets remained tight, with two key measures of bank jitters hitting an all-time high. Treasurys rallied, lowering the corresponding yields as investors sought safety in government debt. Gold rallied for the same reason. Oil dipped. The dollar was mixed versus other major currencies.

The Dow Jones industrial average (INDU) lost as much as 578 points before pulling back to a 400-point loss, hitting the lowest level during a session since Oct. 25, 2004.





Emerging Market Stocks Fall Most in 2 Decades; Russia Tumbles

Oct. 6 (Bloomberg) -- Emerging market stocks fell the most in at least two decades and exchanges in Brazil and Russia were forced to halt trading as the global banking crisis escalated in Europe and oil fell below $90 a barrel.

Brazil's Bovespa index tumbled 15 percent, while Russia's Micex Index plunged nearly 20 percent before trading was halted for a third time today. China's benchmark CSI 300 Index slid 5.1 percent, its biggest one-day decline since August. Indonesia and Saudi Arabia lost the most in at least six years. The MSCI Emerging Markets Index slumped 11 percent, the biggest intraday loss since 1987 when Bloomberg records began.
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Russia's stock market decline along with China and Brazil has pushed the benchmark MSCI emerging market gauge down 47 percent this year, the steepest drop in at least two decades. Stocks included in the index are valued at 9.1 times earnings, the cheapest since 1998, data compiled by Bloomberg show.

Investors pulled almost $60 billion out of Russia in the seven weeks after Aug. 8, according to BNP Paribas, as the war in Georgia, falling oil prices and the seizure in international capital markets drove down equities.

The Finance Ministry pledged $44 billion for OAO Sberbank, VTB Group and OAO Gazprombank, the three biggest banks, on Sept. 17 on the understanding the funds would be used to end a seizure in money markets after rates soared to a record 11.1 percent.

Sberbank, Russia's biggest bank, dropped as much as 22 percent, and OAO Gazprom, the country's biggest company and its gas export monopoly, fell 20 percent today.