Wall Street plunged again Tuesday on recession concerns with all the major indexes sliding more than 5 percent.

Traders work at the New York Stock Exchange in New York, the United States, Oct. 6, 2008. (Xinhua/Hou Jun)

Earlier, the Fed announced plans to buy massive amounts of corporate debt to jump-start lending in the markets where many companies turn for short-term loans called commercial paper.

But investors remained worried about financial companies like Bank of America Corp., which fell after slashing its dividend and reporting that its third-quarter profit fell 68 percent.

The Dow Jones industrial average fell 508.39, or 5.11 percent, to 9,447.11. The Standard & Poor’s 500 index declined 60.66, or 5.74 percent, to 996.23, while the Nasdaq composite index fell 108.08, or 5.80 percent, to 1,754.88.

VietNamNet/Xinhuanet