Dow drops more than 500 points - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Dow drops more than 500 points

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NEW YORK, N.Y.- The Dow Jones industrials fell nearly 600 points on anxiety about spreading financial crisis.

Wall Street is plunging, with the Dow Jones industrials down more than 500 points amid growing fears that the credit crisis is spreading around the world.

Investors are realizing that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze credit markets, and many banks are still having difficulty gaining access to cash.

European governments also took steps over the weekend to limit the damage from the growing global financial crisis. The Federal Reserve also took fresh steps to help ease credit markets Monday.