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Reuters - Treasury Secretary Henry Paulson on Wednesday urged intensified global cooperation to stabilize financial markets and said countries must be careful not to harm one another while they guard their own interests.

Reuters - Pending sales of existing U.S. homes unexpectedly jumped in August to the highest in over a year, data from a real estate trade group showed on Wednesday.

Reuters - Wachovia Corp , Citigroup Inc and Wells Fargo & Co agreed again to hold off on litigation over the acquisition of Wachovia while talks between the banks and the Federal Reserve continue.

AFP - US stocks zigzagged on Wednesday after the Federal Reserve joined a global coordinated interest rate cut in an extraordinary bid to ease credit and calm roiling markets.

AP - The nation's retailers are reporting weak sales figures for September as the financial meltdown forced already skittish shoppers to cut back further.

Reuters - World stock markets cut heavy losses on Wednesday after the world's leading central banks announced coordinated interest rate cuts in a bid to stem the deepening global financial crisis.

Reuters - The Federal Reserve led a coordinated round of global official rate cuts on Wednesday, easing by a half percentage-point, as did the European Central Bank, Bank of England and Swiss, Canadian and Swedish central banks.

Reuters - Wal-Mart Stores Inc on Wednesday reported a 2.4 percent rise in September sales at U.S. stores open at least a year.

Reuters - Stock index futures turned positive on Wednesday after the Federal Reserve slashed interest rates in concert with other global central banks to calm markets.

By Nancy Trejos
Washington Post Staff Writer
Wednesday, October 8, 2008; A01

The stock market's prolonged tumble has wiped out about $2 trillion in Americans' retirement savings in the past 15 months, a blow that could force workers to stay on the job longer than planned, rein in spending and possibly further stall an economy reliant on consumer dollars, Congress's top budget analyst said yesterday.

For many Americans, pensions and 401(k) plans are their only form of savings. The dwindling of these assets -- about a 20 percent decline overall -- is another setback just as many people are grappling with higher gas and food prices, more credit card debt, declining home values and less access to loans.