Stocks struggle...Congress holds hearings...Pakistan says no deal



NEW YORK (AP) Wall Street is following the lead of markets around the world, with stocks falling sharply in the first few minutes. The Dow lost more than 200 points right after the opening bell, as investors continue to worry that the credit crisis is spreading. They're finding that the rescue plan approved last week by Congress isn't going to work quickly to unfreeze credit markets.

Washington (AP) The president's top economic advisers are promising to work with their counterparts around the world to restore confidence and stability to financial markets. The President's Working Group on Financial Markets says it'll quickly implement the expanded authorities that were granted to federal regulators by the rescue package.

WASHINGTON (AP) Now that it's approved the bailout plan, Congress is starting to look into what caused the nation's financial markets to collapse. A House panel today is focusing on Lehman Brothers, the investment bank that declared bankruptcy last month.

ASHEVILLE, N.C. (AP) Some old mud is being tossed on the campaign trail. The Democrats are talking about John McCain's ties to the Keating Five scandal from some two decades ago, when McCain met with banking regulators on behalf of a savings-and-loan owner who was later convicted of securities fraud. Republicans are talking about Barack Obama's former ties to a radical member of the violent Weather Underground group, whose members were blamed for several bombings when Obama was a child. A McCain adviser says it's "absolutely essential" for voters to hear about that.

ISLAMABAD, Pakistan (AP) Pakistan insists there's no deal allowing the U.S. to fire missiles at militant targets in Pakistan.

President Asif Ali Zardari's spokesman says a Wall Street Journal reporter read too much into Zardari's comments about terrorism. The Journal reported U.S. strikes come with Pakistan's consent.

(Copyright 2008 by The Associated Press. All Rights Reserved.) APNP 10-06-08 0853CDT | save this article / add to your favorites list