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
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)
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(Newser) – 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.