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NYSE falls 7 per cent on first day of trading after disaster

The New York Stock Exchange closed down 7 per cent yesterday after a day of record trading, as rate cuts on both sides of the Atlantic failed to shore up markets.

The NYSE fall of 684 points, to 8,920, was the biggest fall in the Exchange&#39s history, but is dwarfed by the 22 per cent fall on October 19, 1987.

European markets responded positively, with the FTSE closing up 3 per cent at 4,898, France&#39s CAC up 2.7 per cent and Germany&#39s DAX closing up 2.9 per cent.

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