Wall St slumps on bailout worries, record oil spike

The Wall Street plunged on Monday as investors worried that the $700 bn bailout plan may not be able to stop US economy from going into a recession. Further, a record $16.37 jump in crude oil prices to $120.92 a barrel also dampened the sentiment.

The Dow Industrial Average index slumped 373 points to 11,016, and the Nasdaq plunged 95 points to 2,179.

The Indian ADRs, too, ended with significant losses. Wipro tumbled over 11% to $10.16. Patni Computers, ICICI Bank and Tata Motors shed 6-8% each at $7.78, $25.80 and $9.20, respectively. Infosys, Satyam and HDFC Bank were down around 4% each at $36.94, $18.81 and $86.74, respectively.