Depression-era

WASHINGTON (AP) -- The Federal Reserve invoked a rarely used Depression-era procedure Friday to bolster troubled Bear Stearns Cos. and said it will provide even more help to combat a serious credit crisis.

The action won praise from the administration, with President Bush saying that Fed Chairman Ben Bernanke was "doing a good job under tough circumstances."

The Fed announcement came in a brief two-sentence statement that was issued as stocks were plunging on Wall Street over worries that a plan to ease a liquidity crisis at Bear Stearns Cos. might not work.

BERLIN (AP) -- Another stunner from Wall Street on Friday sent the dollar to a record low as a major U.S. banker, Bear Stearns Cos., acknowledged it was in dire financial straits.

The euro traded for an all-time high $1.5657 surpassing a previous peak of $1.5625 that it hit on Wednesday.

Bear Stearns lost half of its value within 30 minutes of the market open.

This week the dollar has repeatedly hit record lows against the euro, dropped below 100 yen for the first time in 12 years, and on Friday, the dollar fell below the Swiss franc for the first time ever.