MSM: S&P dives to lowest level since 1997

NEW YORK (Reuters) – Stocks plunged yet again on Thursday, as a frantic flight from risk prompted by investors’ deepening economic fears drove the benchmark Standard & Poor’s 500 index to its lowest level since 1997 — completing the erasure of more than a decade of stock market gains.

MSM: Fed sharply lowers forecasts, hints of rate cut

WASHINGTON (AP) — The Federal Reserve on Wednesday sharply lowered its projections for economic activity this year and next, and signaled that additional interest rate reductions may be needed to help combat the worst financial crisis to jolt the country in more than a half-century.