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Wall Street retreats as Fed’s rescue of insurer adds to the sense that financial market distress is far from over.

Stocks tumbled Wednesday morning, as the government’s rescue of AIG and Barclays’ purchase of some of bankrupt Lehman’s operations underscored the ongoing turmoil in financial markets.

Investors also considered a report on new home construction that showed that housing starts dipped to a 17-year low.

The Dow Jones industrial average (INDU), the Standard & Poor’s 500 (SPX) index and the Nasdaq composite (COMP) all slumped in the early going.

On Tuesday, the Dow and Nasdaq gained as investors digested the Fed’s decision to hold interest rates steady and geared up for news on AIG.

AIG shares fell 30% Wednesday morning, while Lehman shares fell 36%.

European markets were up in afternoon trade Wednesday. Asian markets ended mixed: Japan’s Nikkei index was up, while Hong Kong’s Hang Seng index was down.

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