Credit crisis fears spark global stock rout

By Herbert Lash NEW YORK (Reuters) - Fears that the credit crisis will not be contained sparked panic selling across global stock markets on Monday and sent crude oil prices plunging as investors rushed for the safety of government bonds and gold. European shares posted their worst day on record and the Dow slipped below 10,000 points for the first time since October 2004 as markets reeled on news of the growing toll from the credit crisis and widespread fears of a looming global recession. The rescue of two big European banks and a decision by several European governments to guarantee bank deposits in emergency moves to prop up investor confidence triggered the wave of selling, spreading from Europe to Asia before engulfing the United States and Latin America later in the day. The U.S. stock market cut almost half its losses... [read full story]