Liz Swain 4:24 p.m., May 24
Market Bloodbath Overseas; Dow Futures Down 451; Interest Rate Slash Possible Before Tomorrow's Market Opening
Stocks in overseas market plunged today at the greatest rate since 9/11, as investors expressed concern about a U.S. recession and world financial crisis. Major indices in France were down 6.8 percent, Germany 7.2%, UK 5.5%, Toronto 4.7%, Mexico 4.8%, and Brazil 6.6%. The U.S. market was closed to honor Martin Luther King, but the Dow Jones Industrial Average futures are down 449 points and Standard & Poor's 500 futures are down more than 4 percent. Rumors are sweeping financial centers that the U.S. Federal Reserve will hold an emergency caucus and cut short term interest rates sharply before Tuesday morning's market opening.