U.S. Treasury Secretary Henry Paulson said he was backing away from buying troubled mortgage assets and would focus on the capital needs of both banks and non-bank financial institutions.
The Dow Jones industrial average <.DJI> closed down 411.30 points, or 4.73 percent, at 8,282.66. The Standard & Poor's 500 Index <.SPX> was down 46.65 points, or 5.19 percent, at 852.30. The Nasdaq Composite Index <.IXIC> was down 81.69 points, or 5.17 percent, at 1,499.21.
NYMEX-NEW YORK, Nov 12 (Reuters) - U.S. crude futures tumbled on Wednesday amid a bleak demand forecast from the government and as Wall Street skidded again, along with other major equities markets, on deepening economic worries.
A stronger dollar also pressured oil. More indications that OPEC is considering another output cut, if oil prices keep falling, failed to stem the day's slide.
On the New York Mercantile Exchange, December crude
day's low extended to $55.62, the lowest since prices hit $53.82 on Jan. 30, 2007.
CBOT-SOYBEANS - November
Following weak crude oil, with mounting worries that a global recession may trim demand for soy.
CBOT-SOYOIL - December
FCPO-JAKARTA, Nov 12 (Reuters) - Malaysian palm futures closed nearly 3 percent lower on Wednesday after recouping some early losses on short-covering, traders said.
The early sell-off was sparked by crude oil's extended losses after settling below $60 for the first time in 20 months on Tuesday on demand worries, traders said.
The benchmark January contract
REGIONAL EQUITIES-BANGKOK, Nov 12 (Reuters) - Southeast Asian stocks dropped on
Wednesday, with financials such as DBS Group pulling Singapore down for a second day and energy shares like PTT and Banpu helping to send the Thai market to its lowest in over a week.
Malaysia's index <.KLSE> slid 0.48 percent, the second day of falls, Jakarta shares <.JKSE> lost 0.74 percent and Vietnam shares <.VNI> ended 2.67 percent lower at a two-week low. But Philippine shares <.PSI> eked out a 0.03 percent gain.