Wall treet jolted by ECB rate rise, Dow Jones drops 287 points

NEW YORK, New York - As interest rates continue to rise, fears of a widening credit crunch and more bank failures continue to escalate.

The European Central Bank became the third central bank to lift interest rates by a quarter point this week. The ECB elevated it's main 3 percent deposit rate to 3.25 percent. The move follows the U.S. Federal Reserve's 25 basis points hike on Wednesday and the Reserve Bank of Au