The crisis in credit markets dominated news in September. Some of the most recognised names on Wall Street became unviable due to housing-related bad debts and shortselling speculation, and had to be rescued by the US government, taken over by rival institutions or left to file for bankruptcy. Morgan Stanley and Goldman Sachs elected to become commercial banks, meaning that no independent investment banks are left trading on Wall Street.The US government's plan to extend credit to troubled financial companies was initially rejected by Congress, causing markets to fall sharply before partially recovering the following day. Over the month, the Dow Jones Industrial Average fell by 3.6% and the wider S&P 500 finished 6.8% lower (both £, total return).Economic news showed a clear deterioration in both factory orders and orders for durable goods, and initial jobless claims climbed notably. However, poor economic news in the rest of the world ensured that the dollar rose against most other currencies.