Global Stocks Pounded, Dollar Hits Record Highs

Greenback soars to 5-year high against the pound
By Jason Farago,  Newser Staff
Posted Oct 22, 2008 5:40 AM CDT
Global Stocks Pounded, Dollar Hits Record Highs
The FTSE 100 index of leading British shares fell 3.5 percent in the first half hour of trading Thursday on the London Stock Exchange because of fears of a global recession.    (AP Photo/Sang Tan)

Stocks in Asia and Europe dove once again today, with banks leading losses as the continuing economic downturn hit corporate profits. The Nikkei in Tokyo closed down 6.8%, and London's FTSE opened down 2.3% after the Bank of England said that the country is in a recession. Meanwhile the dollar soared to $1.62 against the pound—a 5-year high—and hit new levels against the euro.
(More Nikkei stories.)

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