Wall Street down 360 points

The stock market moved sharply lower as Wall Street was hit by a weak dollar and record oil prices, also not helping were problems in the financial markets roiled by mortgage meltdown hitting banking firms hard. Wamu was down 17% and other banks are feeling the pain as Fannie Mae is refusing to buy their home lonas.

The situation got worse when China annouced it would begin to sell dollars and buy euros in an effort to get out of the weak currency. China sent the dollar down to a record low. Gold futures shot up ten dollars to $833.50 the highest it has been since 1980. However, the biggest news of the day was the record loss at GM - $39 Billion, a staggering amount that may sink that company.