SHARES TEL AVIV The Tel Aviv-25 Index fell to the lowest since October 2006, dropping 47.90, or 5.2 percent, to 877.96. Investors traded about NIS 3 billion in shares and convertible securities. Ampal American Israel fell the most in more than two years, declining 10%. The Israeli holding company with investments in real estate and energy had its series A and series B bonds downgraded to A3 from A2 by Midroog Ltd. rating service. Bank Hapoalim Ltd. declined for a sixth day, falling 7.7%. Bank Leumi Le-Israel Ltd. fell for a seventh day, sliding 4.3%. Israel Discount Bank Ltd. dropped to its lowest in more than three years, declining 7.6%. Nice Systems Ltd., an Israeli maker of digital-recording systems whose clients include banks and brokers, fell the most in more than four years, dropping 12% on concern turmoil at financial companies will spread. WALL STREET Wall Street seesawed in a wide range Tuesday after the Federal Reserve left interest rates unchanged, sending a signal to the markets that the economy is not in dire straits. In a statement accompanying its decision, the Fed noted the growing strains in the financial markets a day after the Dow Jones industrials plunged 504 points in reaction to continuing turmoil in the financial sector. The Fed also noted the ongoing weakening of the labor market. But it also sought to give some reassurance by saying it expected its policy moves to foster moderate economic growth over time. The Fed has cut its target federal funds rate by 3.25 percentage points to its current level of 2% over the past year. Many on Wall Street expected the Fed to keep rates steady, but there was some hope that the central bank would try to calm uneasy financial markets with a rate cut. Still, the fact that the Fed didn't lower rates was a sign that it doesn't believe the economy needs that type of stimulus. It reiterated that it believed its moves to inject more liquidity into the banking system to help struggling financial institutions would help them, and in turn the economy overall. In late afternoon trading, the Dow rose 169.92, or 1.56%, to 11,087.43, after falling about 100 points soon after the Fed announcement. Earlier, the Dow rose as much as 105 points and fell as much as 175 in fractious trading. On Monday, the Dow suffered its largest drop since the September 11, 2001, terrorist attacks. Broader stock indicators advanced. The Standard & Poor's 500 Index rose 11.27, or 0.94%, to 1,203.97, and the Nasdaq Composite Index rose 15.28, or 0.70%, to 2,195.19. EUROPE The UK's FTSE-100 Index closed at 5,025.60, after dipping below 5,000 for the first time since June 2005. The index dropped below that line at about 1:40 p.m., dipping to 4,997.2 before rebounding. It lost 178.58 points, about 3.4%. Key bank stocks were again sharply lower. HBOS closed down 21.72%, Royal Bank of Scotland dropped 10.17% and Barclays was off 2.53%. ASIA Asian stocks plunged the most in eight months, extending a global rout. Mitsubishi UFJ Financial Group Inc. slumped 7.7%, leading the steepest decline by Japanese banks since 1987, on concern loan losses will increase. Babcock & Brown Ltd., among Australia's biggest losers from the credit crisis, sank 34%. Japan's Nikkei 225 Stock Average dropped 5% to 11,609.72, its lowest since July 8, 2005. All Asian markets open for trading fell. CURRENCIES The shekel rose 1.2% to 3.5149 per dollar, from 3.5590 on Monday. The dollar rose against the euro for the first time in four days after the Fed left its target lending rate at 2%. The dollar advanced 0.7% to $1.4149 per euro, from $1.4243 on Monday. COMMODITIES Crude oil tumbled more than $4 a barrel on concern that turmoil on Wall Street may weaken the global economy and cut fuel demand. Crude oil for October delivery fell $4.22, or 4.4%, to $91.49 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Gold fell as investors sold commodities to raise cash and cover losses in other markets. Gold futures for December delivery fell $6.50, or 0.8%, to $780.50 an ounce on the Comex division of the New York Mercantile Exchange. The metal has dropped 6.9% this year.