Wall Street plunged at the opening

NEW YORK -- Wall Street plunged at the opening of trading Tuesday, propelling the Dow Jones industrials down more than 400 points after an interest rate cut by the Federal Reserve failed to assuage investors fearing a recession in the United States.

U.S. markets joined stock exchanges around the globe that have fallen precipitously in recent days amid concerns that a downturn might spread around the world.

The Fed's decision to cut its federal funds rate to 3.50 percent and the discount rate, the interest it charges to lend directly to banks, came a week before the central bank's regularly scheduled meeting, a sign that the Fed recognized the seriousness of the world financial situation.

In the opening minutes of trading, the Dow was down 446 at the 11,652 level. It last was below 12,000 in March 2007.