The Federal Reserve got an early start this morning, cutting interest rates by half a point, reducing the key rate from two percent to one-point-five percent.

But that wasn't enough to pull the market out of it's downward spiral.

The Dow opened down more than 200 points, then shooting back in to positive territory, only to fall negative again.

The Fed's move was part of a coordinated effort with five other central banks worldwide.

In Europe, the Bank of England sliced its interest rate by half a point.

While also offering a eighty-seven billion dollar bank bailout plan of their own.

“I believe we can get our banking system on a sound footing and that is the key to the future. Now to have that combined with the macro-economic action, a cut in interest rate, is an important message being sent round the world that we will do everything in our power to make sure our economy moves forward," said British Prime Minister, Gordon Brown.

Worries about a global recession motivated other central banks like those in Canada, Sweden, Switzerland and the European central bank to also cut interest rates.

In the Far East...China chopped a key rate for the second time in less than a month.

This happened after a world wide sell off in stock markets like Russia which suspended trading again closing its main stock exchange for two days.

The last time the federal reserve here in he united state cut interest rates was back in April.

The fact that the fed felt it couldn't wait until its regularly scheduled meeting in three weeks, emphasized the urgency of the situation.