More anxiety on Wall St.: Stocks dive, oil soars

[babsbunny]

http://portal.wowway.net/news/read.php?ps=1018&rip_id=%3CD93C1T980%40news.ap.org%3E&_LT=HOME_LARSDCCLM_UNEWS

Monday, September 22, 2008 6:35 PM EDT
The Associated Press
By PATRICK RIZZO AP Business Writer


NEW YORK (AP) — Elation in the financial markets over the $700 billion bank bailout plan evaporated Monday and was replaced by all-too-familiar anxiety, pummeling stocks and sending oil prices to their biggest one-day gain.

Worries that the rescue package would cost too much, drive up inflation, swell the already-bloated deficit and hurt the ailing economy also led global investors to flee the U.S. dollar.

The Dow Jones industrials lost 372 points, wiping out the gains the index made Friday after administration officials and congressional leaders promised swift action to get bad debt off the books of banks and end the financial crisis.