The US stocks continued to fall on a sixth consecutive day. The Dow Jones Industrial Average dropped 189.01 points (2.00 percent) and closed at 9,258.10. The Dow Jones has witnessed a downfall of 30 percent so far. The shares of Bank of America dropped to 7 percent after selling shares at a discount. The largest US aluminum producer, Alcoa also witnessed a decline of 12 percent in its stocks.

Various steps taken by the US government failed to ease the slowdown process in the financial system. Six US banks had cut interest rates for easing credit and calming roiling markets but these steps failed to yield the desired results. The US market is facing a serious credit crunch and total restructuring is required to bring normality tothe system.

 It is recalled that the International Monetary Fund warned of the financial recession by 2009. The IMF's semi-annual report lowered the enthusiasm of the investors. Meanwhile the prices of dollar depreciated against Japanese currency to 99.20 yen from 101.47 yen Tuesday.