Monday, October 6, 2008 --- 2:05 p.m.

NEW YORK (AP) -- Despair about a weakening global economy is sweeping across Wall Street, propelling the Dow Jones industrials down more than 800 points and giving the blue chips a new record for a one-day point drop. Investors around the world have been selling off stocks as they come to realize that financial systems in the United States and other countries need more than government bailouts to fix them.

Meanwhile, the credit markets remain stagnant, a sign that banks are too afraid to lend. The Federal Reserve is making more money available for borrowing, but no one expects the credit markets to ease up anytime soon.

The Dow has surpassed its previous record for a one-day point drop -- 778, which the blue chips suffered a week ago when investors feared the bailout package might not pass Congress.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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Monday, October 6, 2008 --- 11:20 a.m.

Bush: Financial rescue plan will take some time

SAN ANTONIO, Texas (AP) -- President Bush says the $700 billion plan to save the teetering U.S. economy will take some time to work.

After meeting with small-business owners at an old-fashioned soda shop in San Antonio, Texas, the president sought patience from a jittery country.

Congress last week approved a massive plan of federal intervention that allows the government to buy up devalued assets from financial companies in hopes of unlocking frozen credit lines.

Bush said he signed the bill last week, but that "it's going to take awhile" to get the program working fully and effectively. He called it a big step toward solving the problem.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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Monday, October 6, 2008 --- 10 a.m.

Many investors now abandoning stocks and bonds are turning to alternative things to put their money in.

An investor from Atlanta says he put $120,000 in 400 bottles of vintage champagne. He says he'll keep the champagne for 10 to 15 years, then sell it for a profit.

Sales of exotic livestock are up, and the U.S. mint says there's been a rush on gold coins.

In Chicago, an investor rents a single parking space that he purchased for 20 thousand dollars.

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Monday, October 6, 2008 --- 9:55 a.m.

NEW YORK (AP) -- Wall Street is plunging, with the Dow Jones industrials down more than 500 points amid growing fears that the credit crisis is spreading around the world.

Investors are realizing that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze credit markets, and many banks are still having difficulty gaining access to cash. European governments also took steps over the weekend to limit the damage from the growing global financial crisis.

The Federal Reserve also took fresh steps to help ease credit markets Monday.

The Dow is down more than 570 points at the 9,747 level.

(Copyright 2008 by The Associated Press. All Rights Reserved.)